Sacramento officials are encouraging residents who live in a flood-prone neighborhood to buy flood insurance.
New federal flood maps that take effect today designate the region known as Natomas as a hazard zone. That means anyone with a federally backed mortgage must buy flood insurance.
City officials say homeowners who wait to get a policy might have to pay premiums that are five times higher.
The flood designation effectively halts residential construction in what had been one of the fastest-growing areas of Sacramento.
The neighborhood is between downtown and Sacramento International Airport and surrounds the Arco Arena, home of the NBA’s Sacramento Kings. Thousands of homes, condominiums and apartment buildings have been built there in recent years.
Topics Mergers & Acquisitions Flood
Was this article valuable?
Here are more articles you may enjoy.
AIG Underwriting Income Up 48% in Q4 on North America Commercial 
Allstate CEO Wilson Takes on Affordability Issue During Earnings Call 
Insurance Broker Stocks Sink as AI App Sparks Disruption Fears 
How One Fla. Insurance Agent Allegedly Used Another’s License to Swipe Commissions 
