Conn. homeowners facing increased flood insurance costs - WFSB 3 Connecticut

Conn. homeowners facing increased flood insurance costs

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HARTFORD, CT (AP) -

Thousands of property owners in Connecticut face premium increases even after a fix to a federal flood insurance program.

A review of federal data by The Associated Press found that more than 14,000 property owners could pay up to 18 percent more annually until switching to a risk-based rate. Nearly 4,200 face mandatory annual increases of 25 percent.

President Barack Obama signed a law Friday relieving homeowners from immediate significant increases in their insurance bills. The new law reverses much of a 2012 overhaul of the National Flood Insurance Program after homeowners protested that premium increases would skyrocket.

It's not just shoreline residents who are affected. In New Britain, 164 policyholders face annual increases of up to 18 percent.

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