Some Ohio homeowners who carry flood insurance on their properties may be in for a rude awakening come fall.
New data recently released by a New York City-based research group suggests millions of American homeowners, including some in Ohio, could face skyrocketing premiums starting in October when a major overhaul of the nation s flood insurance program goes into effect.
First Street Foundation estimates that rates should more than quadruple on the nation’s most flood-prone homes to make the federal flood insurance program solvent and ensure homeowners most at risk are paying their fair share.
Many property owners face rate hikes of thousands of dollars to cover the actual risk of flood-induced damages.
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FEMA s NFIP redesign would increase flood insurance rates by 18 percent per year
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