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Nevada Flood Insurance Rates Going Up

Federally Subsidized Policies Are Set To Feel The Sting
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KXNT file photo

KXNT file photo

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RENO, Nev. (AP) — Nearly 1,300 federally subsidized flood insurance policies in Nevada are set to feel the sting of flood insurance rate hikes, despite a rate relief law President Barack Obama signed Friday.

The law offers instant relief for homeowners hit by premiums that soared by thousands of dollars overnight, but it allows price hikes of up to 18 percent each year for primary homeowners. Businesses and second homes getting subsidies will see premiums spike a mandatory 25 percent per year until they switch to a rate based on the actual risk of flooding.

An Associated Press review shows more than 900 homeowners in Nevada face premium increases of up to 18 percent, and 380 business and second home policy holders face 25 percent rate hikes.

 

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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