WASHINGTON (AP) — Federal officials are encouraging homeowners in flood-prone communities to consider elevating their houses and raising their deductibles to cut down on rising flood insurance premiums.
Congress approved legislation last year to put the National Flood Insurance Program on more solid financial footing. The legislation gradually eliminates government-subsidized premiums for more than 1 million properties in flood-prone communities.
The insurance premiums for vacation and rental homes in the program increased by 25 percent on Jan. 1.
Properties that have suffered repetitive losses or substantial damage over the years will see gradual 25 percent rate increases starting Oct. 1.
Edward Connor is with the Federal Emergency Management Agency. He said Friday that property owners who elevate their homes by one foot can save hundreds of dollars on premiums annually.