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CITY, N.D. (AP) Residents throughout North Dakota are feeling the sting of rising federal flood insurance premiums. In 2012, Congress passed a law that made some policyholders rate skyrocket. Washington revisited the law to scale back some of the increases, but the premium hikes are still coming.
Rates for primary homeowners could climb as high as 18 percent annually, while business owners and those with a second home will see a mandatory 25 percent annual increase.
According to the Associated Press, Valley City had 275 properties covered by subsidized federal premiums, face increases. Statewide, 14 percent of the nearly 14,000 policyholders will see increases.
