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Flood insurance premiums expected to jump sharply

Getting insurance against flooding may soon become much more expensive for the owners of homes like these on Ingersoll Avenue in the Stockade neighborhood of Schenectady that were heavily flooded by Tropical Storm Irene in 2011.
Getting insurance against flooding may soon become much more expensive for the owners of homes like these on Ingersoll Avenue in the Stockade neighborhood of Schenectady that were heavily flooded by Tropical Storm Irene in 2011.
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People rebuilding after flooding last year, as well as those who dodged the disaster, will face steep increases in flood insurance premiums under changes to the National Flood Insurance Program. Significant reforms made to the program through the Biggert-Waters Flood Insurance Reform Act of 2012 will raise premiums by 25 percent each year until they reflect “the full risk rate,” according to the Federal Emergency Management Agency. Changes will begin Jan. 1 for those with ...


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