Livingston bracing for high flood insurance costs
LIVINGSTON - New homeowners may have to dig deep into their wallets to cover the costs of flood insurance.
The new insurance prices come after the Biggert-Waters Reform Act was passed in 2012, to phase out current subsidized insurance rates and help bring the federal flood insurance program out of debt.
"The reason for this was to help the program pay for itself," said Denham Springs building official Rick Foster.
Homes located in flood zones built before 2012, when the last flood maps were adopted, may have a price to pay. Rates for current owners will stay the same because they're grandfathered in. When homes are sold, the new owners may have to pay thousands of dollars more a year to cover insurance costs.
"It'll immediately go to a full-risk rate," said Foster. "Not an increase per year. So, you're looking at $8-9,000."
FEMA confirms flood insurance rates will be rising for some homeowners, but can't confirm how much.