Dramatic increases for residential flood insurance premiums are right around the corner. Come October 1st, residents living in homes built out of compliance with the 2009 F.E.M.A. flood zones will start paying significantly higher flood insurance premiums. The increases are a result of the Biggert-Waters Flood Insurance Reform Act of 2012. The act is meant stabilize the massive deficit of the National Flood Insurance Program, but for many residents, the increase rates are too much, too soon. Deborah Strickland, a resident of Gulfport, says, “I’m sure they're justified to some extent after Katrina, but you can’t out of the marketplace. You can’t force everyone to leave the area. We'll have a ghost town from here to the beach.”
Flood insurance has been a hot button issue in Washington of late. The issue should come up in the House of Representatives before the end of the month. News 25's Joe Sullivan spoke to U.S. Congressman, Steven Palazzo, about the issue this evening in Biloxi. Click on the video at left to see what the congressman had to say.