Posted: Mar 24, 2014 7:46 AM
Source: Associated Press
NEW ORLEANS - There has been no mistaking the relief among Louisiana officials since Congress overturned parts of a 2012 law that would have drastically raised some residents' federal flood insurance premiums.
But uncertainty remains.
The new law scales back massive increases that would have driven some annual premiums from a few hundred dollars to more than $20,000. But some people will still face significantly higher expenses.
An Associated Press analysis of federal data on the program nationwide indicates as many as 64,000 flood insurance policy holders in Louisiana face increases of up to 18 percent per year.
Officials and residents are hoping various factors, including home elevation programs and new flood maps that take into account local levee systems, will help lessen the potential rate increases.