Washington state flood insurance premiums to riseMarch 24, 2014 @ 9:48 am
OLYMPIA, Wash. (AP) -- More than 13,000 federally subsidized flood insurance policies in Washington state are facing hefty premium increases, despite a rate relief law signed by President Barack Obama.
In 2012, Congress passed a law requiring policyholders receiving subsidies to start paying rates based on the true risk of flooding at their properties. After public outcry over the premium hikes, Congress passed legislation earlier this month pulling back some of the immediate rate hikes.
However, approximately 1.1 million policyholders still will be hit with annual premium increases year after year, until the government is collecting what it needs to pay out claims.
In Washington, more than 9,100 homeowners face an annual increase of 18 percent. Nearly 4,000 businesses or second homes will see 25 percent hikes each year.
Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Danny O'Neil offers his retort to a column that blames Denver's loss on overtime rules
Oso fire chief remembers deadly mudslide on 6-month anniversary
The Seahawks have the NFL's single biggest difference maker
Please login below with your Facebook, Twitter, Google+ or Disqus account. Existing MyNorthwest account holders will need to create a new Disqus account or use one of the social logins provided below. Thank you.