Georgia home owners facing flood insurance premium hikes

by frank

Georgia home owners facing SPIKING flood insurance rates in 2014

Georgia flood insurance

What if your Georgia flood went up 10 times what it was last year?

Ouch!

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.”

YOU might be thinking, “But i don’t live near the Georgia coastline…”
Unfortunatley, Federal data show property owners from metro Atlanta to Albany and from Rome to the shores of Lake Blackshear in rural Crisp County will pay substantially more for flood insurance as well.

It’s not clear yet how FEMA will implement the increases.

Lloyd Pro Group | Nationwide Insurance
2675 Breckinridge Boulevard #100, Duluth, GA 30096
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One Response to “Georgia home owners facing flood insurance premium hikes”

  1. Stan Muse says:

    You can thank Jack Kingston for the flood insurance rate debacle. I now pay more than twice as much for flood insurance as my homeowners insurance, and for less coverage. Jack Kingston voted for the bill by Maxine Waters which is devastating Georgians while sending billions from Ga to the north east and LA to cover hurricane damage there. That money could have helped to boost employment in Georgia, but no. Jack Kingston actually thinks he did a good thing and that he lifted the flood insurance burden from taxpayers. Well, I am a taxpayer and this is a hidden tax dumped on a few people like me who happen to live by a small harmless creek in Georgia.

    This is what happens when we elect people like Jack Kingston with no business sense.22 years is enough! Do not vote for Jack to become a senator with even more misguided power.

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