Flood insurance rates reach new high-water mark

April 3, 2015 8:21 PM

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Homeowners in Southern Brooklyn wish this was just a bad April Fool’s Day prank, but no such luck.

The Federal Emergency Management Agency increased flood insurance rates on April 1 as part of an overhaul of the program in the wake Hurricane Sandy. The increases are capped at 18 percent of a homeowner’s previous premium, as required by the Homeowner Flood Insurance Affordability Act of 2014 that ...

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