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.

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