Thousands of property owners in Massachusetts and Connecticut face premium increases even after a fix to a federal flood insurance program.
A review of federal data by The Associated Press found that more than 14,000 property owners could pay up to 18 percent more annually until switching to a risk-based rate. Nearly 4,200 face mandatory annual increases of 25 percent.
President Barack Obama signed a law Friday relieving homeowners from immediate significant increases in their insurance bills. The new law reverses much of a 2012 overhaul of the National Flood Insurance Program after homeowners protested that premium increases would skyrocket.