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Fri September 27, 2013
Nixed Flood Insurance Subsidy Drowns Coastal Home Values
In Florida, Louisiana, New York and other coastal states, many homeowners are in shock at new flood insurance rates that are rapidly approaching. After Hurricanes Katrina and Sandy left the National Flood Insurance Program $24 billion in the red, Congress revamped the program--phasing out subsidies. One group especially upset are new homeowners--people who bought a property and are now seeing their flood insurance costs skyrocket, making the property no longer affordable.