Flood insurance premiums expected to rise - WALB.com, Albany News, Weather, Sports

Flood insurance premiums expected to rise

Posted: Updated:
Peggy Hegarty, City of Albany Planning & Development Services Planner II Peggy Hegarty, City of Albany Planning & Development Services Planner II
  • More WALB News10 HeadlinesMore News HeadlinesMore>>

  • Supreme Court to hear Cuthbert insurance case

    Supreme Court to hear Cuthbert insurance case

    Thursday, April 17 2014 10:15 AM EDT2014-04-17 14:15:49 GMT
    The Georgia Supreme Court announced that it will hear the case of BARZEY V. CITY OF CUTHBERT (S14A0620)  next week. A woman whose adult son was killed while working for the City of Cuthbert is appealingMore >>
    A woman whose adult son was killed while working for the City of Cuthbert is appealing a Randolph County court ruling that she is not entitled to her son's death benefit, even though she is his only legal heir.More >>
  • Today's the day for News on the Road!

    WALB anniversary tour starts Thursday

    Thursday, April 17 2014 9:04 AM EDT2014-04-17 13:04:46 GMT
    WALB News 10 is hitting the road for our 60th anniversary. You might remember this photo from 2004. Yolanda, Dawn, and Ben having fun with the Ladies of the Red Hat Society in Tifton for WALB's 50thMore >>
    WALB News 10 is hitting the road for our 60th anniversary. You might remember this photo from 2004. Yolanda, Dawn, and Ben having fun with the Ladies of the Red Hat Society in Tifton.More >>
  • Georgia jobless rate drops to 7 percent

    Georgia jobless rate drops to 7 percent

    Thursday, April 17 2014 8:50 AM EDT2014-04-17 12:50:25 GMT
    ATLANTA (AP) - State labor officials say Georgia's unemployment rate has dropped to 7 percent, the lowest rate since September 2008. The Georgia Department of Labor announced the new seasonally adjustedMore >>
    State labor officials say Georgia's unemployment rate has dropped to 7 percent, the lowest rate since September 2008.More >>
ALBANY, GA (WALB) -

You may soon see a jump in your flood insurance rates.

Homeowners can expect at least a 5% increase, other landowners could see a jump of up to 25%.

People who own homes built before 1977 that aren't their primary residences have been charged lower subsidized rates. Those properties will now have a 25% premium increase every year until they reflect their full risk rate. Those who let their policy lapse will see an even bigger jump.

"Anyone who has a flood insurance premium and lets their policy lapse...it will be as though they're applying for a whole new policy. And they will be getting charged the full rate. It won't be a gradual increase," said Peggy Hegarty, City of Albany Planning & Develop. Services Planner II.

The increases comes after the National Flood Insurance Program racked up Billions of dollars in debt from old storms and flood damages.

To find the flood risks in your area, visit: www.georgiadfirm.com , and for further information on flood insurance, visit: www.floodsmart.gov

Copyright 2013 WALB.  All rights reserved.  

Powered by WorldNow