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The rising costs of government-mandated flood insurance is set to hit the pocketbooks of some homeowners across the country despite a bill that was signed by President Obama on Friday that delayed premium increases for most.
As many as 1.1 million policyholders with government-subsidized insurance will see steady rate increases. Of those, at least 820,000 homeowners will see rate increases of up to18% each year until the program is collecting enough revenue to cover a $24 billion shortfall.
Owners of another quarter million businesses or second homes will see rates increased by 25% each year until the premiums reach rates that match building elevation surveys indicate is the true risk of flooding.
The Associated Press released data that they collected and we compiled a list of towns with 50% or more of their policies set to see an increase.