Flood insurance rates rising for thousands in Ohio
Mon, 24 Mar 2014 09:19:28 GMT —
FINDLAY, Ohio (AP) - Many home and business owners across Ohio with federally subsidized flood insurance are likely to be hit with rate increases this year.
Around 20,000 property owners in Ohio are among the 1.1 million policyholders nationwide facing higher rates to rescue the debt-ridden National Flood Insurance Program
Records analyzed by The Associated Press show some of those who will see their rates live in places where flooding is a constant worry.
But many others will pay more despite living in cities where there have been very few damaging floods since the program began in the late 1970s.
Homeowners could pay up to 18 percent more while business owners and those with vacation homes will see their rates rise 25 percent annually.