Flood Insurance Policyholders Told to Expect Big Premium Hikes

March 28, 2013

The head of the Federal Emergency Management Agency said people who buy federal flood insurance need to plan for big rate hikes. FEMA director Craig Fugate said some people now paying hundreds of dollars a year could wind up paying thousands because Congress says the program must at least pay for itself.

He said that the increases will be phased in over three to four years.

His comments came at the National Hurricane Conference.

The National Hurricane Center’s Rick Knabb said the center will start providing three more days of notice about where tropical systems are likely to develop for the hurricane season that starts June 1. The tropical weather outlook has covered two days; now there will be a five-day forecast.

He said the center is working on storm surge watches and warnings, with plans to roll them out in 2015.

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Latest Comments

  • May 20, 2013 at 8:48 am
    Richard says:
    Tenative rates they could probably do without, however, elevation certificates are needed. They are the basis for rates for Post-firm A zone & V zone risks. Flood coverage... read more
  • April 11, 2013 at 3:29 pm
    David says:
    I live in Louisiana about thirty miles from the Gulf of Mexico. In a community that has never flooded in over a hundred years. Our flood insurance will go from $274. last year... read more
  • April 2, 2013 at 4:03 pm
    DougJ says:
    Dick is still not going to understand it was an April Fools joke, because he does not read thoroughly and completely. I wonder if he will even see these comments????
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