Homeowners with flood insurance to see increased rate hikes
POSTED: Thursday, March 28, 2013 - 10:13am
UPDATED: Thursday, March 28, 2013 - 10:13am
RIO GRANDE VALLEY, TX (KVEO NEWS CENTER 23) — If you purchased flood insurance you'll need to plan for increased rate hikes according to FEMA Director Craig Fugate.
He says homeowners who are now paying hundreds of dollar a year could end up paying in the thousands in the future. The reason behind the increase is that Congress has ordered the flood insurance program to pay for itself.
Mr. Fugate stated, "There's something people need to understand, that they're going to have to budget for, is the increasing cost of flood insurance in the future as these rates go up, to meet the requirement that if you live in a flood zone, you're going to be paying for that risk at the full cost."