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

Flood insurance premiums expected to rise

Peggy Hegarty, City of Albany Planning & Development Services Planner II Peggy Hegarty, City of Albany Planning & Development Services Planner II
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.  

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