WHYN Local News

 

HUGE INCREASES FACE SOME HOME OWNERS

HUGE INCREASES FACE SOME HOME OWNERS

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.

 

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