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Mon March 24, 2014
Thousands In New Hampshire Face Flood Premium Hike
More than 40 percent of the properties with flood insurance in New Hampshire face premium hikes as a result of new regulations.
More than 1 million homes, condominiums, businesses or vacation rentals face premium increases as the National Flood Insurance Program tries to get out of debt.
Nearly 3,800 properties in New Hampshire will see their premiums rise. Homeowners will see their rates go up as much as 18 percent each year, while owners of businesses and second homes will face an annual mandatory 25 percent increase until they switch to a risk-based rate.
The property owners paid almost $9 million in combined premiums last year. The insurance program has paid out about $48 million in claims in New Hampshire since 1978.