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With Floods Possible, A Not-For-The-Better Change For Insurance

 
With Floods Possible, A Not-For-The-Better Change For Insurance
Posted Monday, March 24th 2014 @ 6am  by Chuck LaTour, WOOD Radio news team

Thousands of Michigan homeowners face soaring premiums as the federal government moves toward ending a decades-old insurance subsidy program.

About 11,500 policies for primary residences under the National Flood Insurance Program could see premium increases up to 18 percent per year, while about 2,600 business and vacation home premium would soar to 25 percent annually. The program made low-priced insurance policies available for houses built before 1975 in flood-prone areas is $24 billion in debt.

Nationally, 810,000 policyholders who own single-family homes and multifamily properties will see their premiums rise until the insurance program collects enough to cover what it has been paying in claims.

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