When Richard Holmes purchased his St. Albans home two months ago, he didnt expect his monthly payments to double. The coal miner and his family were told at closing two months ago that the cost of flood insurance on their new house would be $1,470 a year. That number later went up to $12,000 a year. The steep increases have come as a result of the 2012 Biggert-Waters Flood Insurance Reform Act. One of the bills sponsors says she is outraged, and never intended for premiums to skyrocket like they have. Click to read more about this worrisome situation:
Posted on: Thu, 24 Oct 2013 14:11:50 +0000
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