Georgia home owners facing SPIKING flood insurance rates in 2014
That is exactly what happened to one woman in Glynn County GA
In one year, Wanda Drury saw her flood insurance premiums go from $674 a year to more than $6,700. source
Imagine having to apply for a bank loan to pay for flood insurance bill to cover her home on Blythe Island just west of Brunswick.
Even though President Barack Obama recently signed a law to reduce the rate increases to help to boost the troubled National Flood Insurance Program, the specialists tell us that thousands of Georgia homeowners can count on paying increasing flood insurance premiums each year — though perhaps less than they originally feared.
An Associated Press review of federal data shows roughly 18 percent of Georgia home or business owners covered by flood insurance will pay higher premiums. Annual increases could be as high as 18 percent for about 13,200 primary home owners and no less than 25 percent for more than 4,600 vacation home or businesses owners.
Georgia Insurance Commissioner Ralph Hudgens said he worries higher premiums will hurt the coastal real estate market.
“We’ve talked to people who had premiums of $500 a year and then were handed a bill for $12,000,” Hudgens said. “That’s kind of hard to swallow.”
It’s not clear yet how FEMA will implement the increases.
2675 Breckinridge Boulevard #100, Duluth, GA 30096