Tens of thousands of Illinois residents who have flood insurance with the National Flood Insurance Program are expected to see a steep rise in premiums.
Federal legislation signed into law on Friday will cause the annual rates of many policyholders to jump by as much as 25 percent. An analysis done by the Associated Press shows nearly 49,000 Illinois policies are in the program, paying combined premiums of over $40 million. About half of those policies will have raised premiums and about 20,000 primary residence policies could go up to 18 percent annually.
Higher rates may not be the only issue for those affected. Residents with homes in flood plains could have a harder time selling those properties due to the related insurance costs.
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