Connecticut homeowners to see flood insurance premium increases

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.


Hide Comments

Commenting is closed. Comment threads are monitored for 48 hours after publication and then closed.

READER COMMENTS

Loading comments...
Hide Comments