SARASOTA, FL-- A plan by congress to get the National Flood Insurance Program out of debt, could mean big rate hikes for policy holders here in Florida.
Come October 1st, flood insurance premiums could go up as much as 20% a year for the next 5 yeas. The U.S. Congress passed the Flood Insurance Reform Act back in 2012, its requires FEMA to make changes to the way the National Flood Insurance Program runs. That means the elimination of federal flood insurance subsidies. The changes will effect about 20% of the National Flood Insurance Program policy holders. Most of those customers are in areas with very high flood risk. Coming up on ABC-7 at 5pm we talk to home owners about the changes.