Several homeowners are shocked about the changes coming to flood insurance cost. Many people who have never filed a claim but live in a risk area are concerned about the rates going up. Some people have even sold their homes and moved because the costs are just going to be too astronomical. A lot of the premiums have become unaffordable and people are left without a choice. Lawmakers have been paying attention to complaints and hoping to find a solution.
“In many cases, these are people with $100,000 homes that are getting (flood insurance) bills that are more than their mortgage payments,” said Rep. John Fleming, R-La. “You had certainly a significant number of people who were really going to be hurt seriously through no fault of their own.”
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