Huge hikes expected in federal flood insurance rates - KALB-TV News Channel 5 & CBS 2

Huge hikes expected in federal flood insurance rates

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Source: AP Source: AP

NEW ORLEANS (AP) - The head of the Federal Emergency Management Agency says people who buy federal flood insurance need to plan for big rate hikes.  

Craig Fugate says some people now paying hundreds of dollars a year could wind up paying thousands of dollars a year. That's because Congress has ordered the program to pay for itself.  

He was among speakers at the National Hurricane Conference's general session Tuesday.

Director Rick Knabb told the group that the National Hurricane Center will be giving people two additional days of notice about where tropical systems are likely to develop. The tropical storm outlook has been covering three days; now it will be a five-day forecast.

He says the center is working on storm surge watches and warnings, with plans to roll them out in 2015.

 

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