Property owners face flood insurance hike - WCAX.COM Local Vermont News, Weather and Sports-

Property owners face flood insurance hike

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More than 2,300 Vermont property owners who hold federal flood insurance policies are facing premium increases because of recent demands on the program.

Property owners across the state received almost $63 million in claims from federal flood insurance policies to help recover from 2011 flooding from Tropical Storm Irene and two other flooding events. Federal officials say premiums need to rise to help put the federal program on sound financial footing.
Statistics show that Montpelier and Barre have had the most flood insurance claims. Now 80 percent of the Montpelier property owners with flood insurance and 87 percent in Barre face premium increases, until they are paying policies more in line with the financial risk their homes pose.

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