Residents and officials in flood-prone north-central Pennsylvania are warning that a new federal law ending subsidized federal flood insurance rates in certain areas will bankrupt homeowners, drive down property values and deplete tax bases.
They testified during a Wednesday hearing in Williamsport held by Lycoming County’s planning and development department.
The Williamsport Sun-Gazette reports that Todd Arthur says coverage for his business property in Muncy is jumping from $1,200 to $13,400 a year.
Arthur, a real estate appraiser, also says homeowners are having a hard time selling and flood-plain properties are losing value.
The flood insurance program has long offered below-cost rates for homeowners in flood zones and is about $25 billion in debt since its creation in 1968. Some members of Congress are trying to undo the changes approved last year.
Topics Flood Homeowners
Was this article valuable?
Here are more articles you may enjoy.
Head of EEOC Urges White Men to Report Discrimination 
Three Top P/C Insurers Account for Most of Insurance AI Patents 
Top National Insurance Journal Stories of 2025 
Senators Launch Probe Into Demotech’s Ratings in Florida 
