Flood Insurance Rates for Illinois Residents to Spike

By: 23 Newsroom
By: 23 Newsroom

ST. LOUIS (AP) -- Tens of thousands of Illinois residents with flood insurance through a debt-ridden federal program are about to see a dramatic rise in their premiums.

Under federal legislation signed into law Friday, scores of policyholders under the heavily subsidized National Flood Insurance Program will see their rates jump annually -- by as much as 25 percent in some cases.

An Associated Press analysis shows nearly 49,000 Illinois policies in the program, paying combined premiums of $44 million. Roughly half of those policies will see their premiums rise, with 20,000 primary residence policies that could rise up to 18 percent annually.

The burden isn't just higher rates. Property owners in flood plains may have tougher times selling their homes because of the insurance costs could turn off would-be buyers.


Comments are posted from viewers like you and do not always reflect the views of this station.
powered by Disqus
23 WIFR 2523 North Meridian Road Rockford, IL. 61101 Business: 815-987-5300 Fax: 815-965-0981 News: 815-987-5330 Fax: 815-987-5333
Gray Television, Inc. - Copyright © 2002-2014 - Designed by Gray Digital Media - Powered by Clickability 251921601 - wifr.com/a?a=251921601