Rising flood insurance rates could have ‘devastating’ effect on Bradford County
By The Daily Review, Towanda, Pa. | |
McClatchy-Tribune Information Services |
Her home, which is located along the
If faced with another increase, for example if it went up to
Flood insurance premiums will be increasing even more in
The Act will cause all federally subsidized flood insurance premiums to increase,
Homeowners with federally subsidized flood insurance will see their premiums increase by up to 18 percent a year, year after year, until the National Flood Insurance Program is collecting enough revenue to cover a
The increase in insurance rates "will have a devastating effect" on the county, said
Perry said new residents in flood zones will also be negatively affected, as flood insurance is required in order to obtain a mortgage if the home lies within a flood zone.
Twenty-eight homes in
The other
In South Creek Township, the homes in the flood zone are located along
"Due to the enormous cost of flood insurance, building or development along the creek will probably cease," she said. "People will have trouble with getting permits to even fix their homes, and especially in selling their homes."
She added, "Many of the flooding problems in our area would lessen if the
In
One of the
But neither home has been flooded, even during Tropical Storm Lee, he said.
"We're wasting money big time" paying for flood insurance, said Preston's wife,
The appeal was filed because some homes in the flood zone have not flooded in the past, while others in the flood zone are not expected to flood, due to improvements that have been made to the borough's storm sewer system, Lane said.
The only flooding that occurred at the
"I think it's ridiculous that they can just come and put you in a flood zone when you weren't even affected by a 500-year flood," she said.
In
"Any kind of an increase is not going to make people happy," she said.
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Review staff writers
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