Mortgage

Flood insurance premiums could rise, FEMA warns

FEMA urges lawmakers to rewrite key flood insurance legislation

According to the Tampa Bay Times, homeowners may be flooded with more than just water if Congress does not rewrite the Flood Insurance Reform Act. If the act remains unchanged, borrowers could experience a significant rise in flood insurance rates.

Craig Fugate, head of the Federal Emergency Management Administration, said that despite indications that many homeowners could face massive rate increases for their homes in flood prone areas of the nation starting Oct. 1, the Biggert-Waters Flood Insurance Reform Act of 2012 included no provisions for affordability — and he can't change that.

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