Most Active Stories
- Saudi Airstrikes Raise Doubts Abroad, Spark Patriotic Fervor At Home
- "Spice" patients increasing, Test confirms marijuana brownies, Battle of Selma re-enactment
- Why Don't Ants Need A Leader?
- Lear denies allegations, The Great Invisible and new Little Lagoon Bridge
- Bentley on state budget, Alabama Nature Conservancy and new round of BP recovery funding
Fri September 27, 2013
Nixed Flood Insurance Subsidy Drowns Coastal Home Values
Originally published on Fri September 27, 2013 4:17 pm
In Florida, Louisiana, New York and other coastal states, many homeowners are in shock at new flood insurance rates that are rapidly approaching. After Hurricanes Katrina and Sandy left the National Flood Insurance Program $24 billion in the red, Congress revamped the program--phasing out subsidies. One group especially upset are new homeowners--people who bought a property and are now seeing their flood insurance costs skyrocket, making the property no longer affordable.