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FEMA Head: Federal Flood Insurance to Cost More

Federal flood insurance premiums will rise over three to four years as Congress requires the program to pay for itself...
April 2, 2013

Federal flood insurance premiums will rise over three to four years as Congress requires the program to pay for itself. Federal Emergency Management Agency (FEMA) Director Craig Fugate says this could mean an increase from hundreds of dollars per year to thousands of dollars per year for some policies. His comments came at the National Hurricane Conference in New Orleans. Fugate said that his agency, which administers the National Flood Insurance Program (NFIP), has enough funds budgeted to handle most catastrophes this year. Also at that conference, Garret Graves, chief coastal and levee adviser to Louisiana Gov. Bobby Jindal, said the effect of the rate increases will be to financially squeeze residents and businesses living along the coast until they are forced to relocate.

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