By The (New Orleans) Times-Picayune
The Picayune Item
NEW ORLEANS, La. —
The Federal Emergency Management Agency finally released details on new flood insurance rates for communities that are at high risk of flooding, and the numbers aren’t pretty. The owners of a home that is four feet below base flood elevation in FEMA’s flood maps, for example, would pay an estimated $9,500 per year for coverage under new unsubsidized rates. That would be a whopping $95,000 over a decade.
FEMA noted that only an insurance agent can tell owners precisely what their home will cost to insure. The news isn’t good there, either. Some Southeast Louisiana residents are being told their flood insurance will cost $20,000 or more per year when increased rates required by the Biggert-Waters Flood Insurance Reform Act go into effect in October.
Refer to the 9/14/13 print edition or the e-editon of the Picayune Item for further details of this story.