FEMA may raise flood insurance premiums - WFLA News Channel 8

FEMA may raise flood insurance premiums

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Property owners know that if they choose to have water front property or they're in a flood zone they have to have flood insurance.

Insurance agent Paul Lefevbre says,

"if they have a mortgage on the property there is a requirement to purchase flood insurance if you are within a flood zone."

But those homeowners who can't afford to pay off their mortgage.

The cost of flood insurance could be on the verge of skyrocketing.

That's after the head of FEMA announced that premium's under the National Flood Insurance Program could increase from hundreds to thousands of dollars a year.

"people on fixed incomes,elderly people,it is going to be quite hard to deal with the type of substantial rate changes they are discussing." added Lefevbre.

The rate increases would be phased-in over a three-to-four year period, and the amount of the increased premiums would depend on the location and value of the property.

"People who own homes near the water should expect to pay more for flood insurance based on where they live, but it is others who don't live near the water who wonder why they have to pay so much." 06;34>

Fred Dorsey owns a home on Davis Islands.

"it is like we are paying for folks who basically live in a very risky area and now we are going to cover that in essence because the government is forcing us to."

Dorsey says he'll have to figure out a way to pay the increased insurance costs but he doesn't think its fair.

"It is just unfortunate they can't come up with some other programs or something that could help defer some of the costs for us like they are doing now." added Dorsey.

If the premiums become too costly for some home-owners they have few options.

Insurance agent Paul Lefebvre says, "the only way around is paying off the mortgage or moving and selling the house."

But that may not be an option some homeowners want to consider as opposed to paying more for flood insurance.

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