ALERT! Flood Insurance Rates to Skyrocket After FEMA Redraws Flood Maps!

DAHBOO77·

Published on Feb 27, 2014

IT’S ABOUT TO HIT THE FAN FOLKS ! This move also makes me think that they KNOW , We have severe flooding coming down the pike!

http://wwlp.com/2014/02/27/flood-insu…

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FEMA has quietly moved the lines on its flood maps to benefit hundreds of oceanfront condo buildings and million-dollar homes, according to an analysis of federal records by NBC News.

Investigations

Image: The Turquoise Place condominium buildings rise above Orange Beach, Alabama, before sunrise.

John Brecher / NBC News

Why Taxpayers Will Bail Out the Rich When the Next Storm Hits

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Flood-zone residents outraged over new insurance rates

CBS News CBS News

Published on Sep 28, 2013

Residents and business owners in Broad Channel, N.Y., are protesting skyrocketing insurance rates that are part of a new federal law designed to keep FEMA afloat. The new law increases the number of areas that are deemed flood zones and stipulates that homeowners in those areas raise their houses or face increased premiums. Don Dahler reports.

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Congress tried to cut subsidies for homes in flood zones. It was harder than they thought.

Back in 1968, Congress first began subsidizing flood-insurance policies for homeowners across the nation. That change allowed more Americans to move into coastal areas and floodplains without paying full price for the risks involved.

Flooding during Superstorm Sandy in 2012 (The Washington Post)

Flooding during Superstorm Sandy in 2012 (The Washington Post)

By 2012, however, lawmakers were rethinking the whole scheme. The National Flood Insurance Program was subsidizing premiums for 1.1 million policies and running multi-billion-dollar deficits. On top of that, scientists were predicting that sea-level rise would make flooding even more common in the years ahead. Environmentalists and fiscal conservatives alike argued that it made little sense to encourage building in high-risk areas.

So, that summer, Congress voted to revamp the program.* The Flood Insurance Reform Act of 2012 aimed to end subsidized rates for 438,000 insurance policies in flood zones  — mainly second homes, businesses, and repeatedly flooded properties. Subsidies for the rest (about 715,000 properties) would get rolled back more gradually, as the homes got sold. A separate set of properties could also face premium hikes as the government revises its flood maps.

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