Millions of Americans face higher flood insurance premiums

April 12, 2015 6:04 PM

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Millions of Americans face higher flood insurance premiums

Millions of Americans face higher premium for flood insurance protection after a new law that came into effect this month. The new law allows the insurers to increase the premium by up to 18 percent. As many American families are still struggling to recover from Sandy, they are now starting at higher premium costs for flood insurance.

The insurance premium is usually high for families living in areas with high risk of flooding. For the second time in two years, Congress has made changes to the legislation, allowing the insurance providers to increase the premiums. The Congress says that the changes are necessary to save National ...

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