Lawmakers Seek to Ease Flood Insurance Rules, but Many Face Rise in Premiums
A review of federal data by The Associated Press found that more than 24,000 property owners could pay up to 18 percent more annually until switching to a risk-based rate. Nearly 7,400 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.
Massachusetts lawmakers have been moving to soften the impact of new federal flood insurance rules on coastal homeowners.