Pauls Valley, OK, Pauls Valley Democrat

Community News Network

November 12, 2013

Flood insurance changes may swamp homeowners

JOHNSTOWN, Pa. — Cuts to federal flood insurance subsidies threaten to cause steep hikes in insurance bills for those buying property in FEMA-designated "high risk" areas, and the ripple effect is washing onto the main streets and blue-collar blocks of the nation's river cities and towns.

For places like Johnstown, Pa. – a river valley town known for three major floods, the most recent in 1977 – it could be "devastating," said Brett Insurance Agency President Jim Brett.

The unexpected added annual expense could make home ownership unaffordable for recent home buyers or prompt prospective buyers eyeing a new home or business to shy away from flood zone neighborhoods.

Longtime homeowners in flood zones wouldn’t see the rate changes, but it could make selling their homes "a nightmare" because buyers would be forced to pay the higher insurance rates, Brett said.

Lisa Broadwater opened her salon in downtown Johnstown in the months following the act's July 2012 passage, meaning her property falls under the new guidelines.

Her current $300 per year flood insurance cost is likely to jump to $679, she said.

"You think you have all of your monthly expenses into consideration and something like this happens," she said.

Brett said some early annual estimates are worse, jumping from a few hundred dollars to more than $1,000 per year.

Subsidy cuts through the Biggert-Waters Flood Insurance Reform Act just went into effect on Oct. 1, but premium rates don’t change until annual renewal notices arrive.

Brett said he wasn’t surprised Congress ushered in sweeping changes to the National Flood Insurance Program last year. Major East Coast disasters helped put the program $25 million in debt, partly because payouts in disaster areas were sometimes ballooned by inflated local market rates, the bill's supporters noted at the time of its passage.

Text Only
Community News Network
  • Dangerous Darkies Logo.png Redskins not the only nickname to cause a stir

    Daniel Snyder has come under fire for refusing to change the mascot of his NFL team, the Washington Redskins. The Redskins, however, are far from being the only controversial mascot in sports history.  Here is a sampling of athletic teams from all areas of the sports world that were outside the norm.

    July 28, 2014 3 Photos

  • 'Rebel' mascot rising from the dead

    Students and alumni from a Richmond, Va.-area high school are seeking to revive the school's historic mascot, a Confederate soldier known as the "Rebel Man," spurring debate about the appropriateness of public school connections to the Civil War and its icons.

    July 28, 2014

  • Fast food comes to standstill in China

    The shortage of meat is the result of China's latest food scandal, in which a Shanghai supplier allegedly tackled the problem of expired meat by putting it in new packaging and shipping it to fast-food restaurants around the country

    July 28, 2014

  • wd saturday tobias .jpg Stranger’s generosity stuns Ohio veteran

    Vietnam War veteran David A. Tobias was overwhelmed recently when a fellow customer at an OfficeMax store near Ashtabula, Ohio paid for a computer he was purchasing.

    July 28, 2014 1 Photo

  • Screen Shot 2014-07-28 at 1.33.11 PM.png VIDEO: High-dive accident caught on tape

    A woman at a water park in Idaho leaped off a 22-foot high dive platform, then tried to pull herself back up with frightening results. Fortunately, she escaped with only a cut to her finger.

    July 28, 2014 1 Photo

  • CATS-DOGS281.jpg Where cats are more popular than dogs in the U.S.-and all over the world

    We all know there are only two types of people in the world: cat people and dog people. But data from market research firm Euromonitor suggest that these differences extend beyond individual preferences and to the realm of geopolitics: it turns out there are cat countries and dog countries, too.

    July 28, 2014 1 Photo

  • How spy agencies keep their 'toys' from law enforcement

    A little over a decade ago, federal prosecutors used keystroke logging software to steal the encryption password of an alleged New Jersey mobster, Nicodemo Scarfo Jr., so they could get evidence from his computer to be used at his trial.

    July 25, 2014

  • Russia's war on McDonald's takes aim at the Filet-o-Fish

    Russia said earlier this week that it had no intention of answering Western sanctions by making it harder for Western companies to conduct business in Russia.
    But all bets are off, apparently, when you threaten the Russian waistline.

    July 25, 2014

  • cleaning supplies Don't judge mothers with messy homes

    I was building shelves in my garage when a neighbor girl, one of my 4-year-old daughter's friends, approached me and said, "I just saw in your house. It's pretty dirty. Norah's mommy needs to clean more."

    July 25, 2014 1 Photo

  • Arizona's prolonged lethal injection is fourth in U.S. this year

    Arizona's execution of double-murderer Joseph Wood marked the fourth time this year that a state failed to dispatch a convict efficiently, according to the Constitution Project, a bipartisan legal group.3

    July 24, 2014

Business Marquee

e-Edition
  • How You Want It When You Want It Today's Pauls Valley Democrat

    Now you can view and download the Democrat right to your desktop on the day the paper is published. Click here to get more information on the Democrat's e-Edition.

     

    CLICK HERE TO ACCESS THE E-EDITION SITE

     

    ATTENTION CURRENT DEMOCRAT SUBSCRIBERS TO START an e-EDITION

    e-mail request to sjohnson@pvdemocrat.com

    April 20, 2011 1 Photo 1 Link

AP Video
Kerry: Humanitarian Cease-fire Efforts Continue Raw: Corruption Trial Begins for Former Va Gov. The Carbon Trap: US Exports Global Warming UN Security Council Calls for Gaza Cease-fire Traditional African Dishes Teach Healthy Eating 13 Struck by Lightning on Calif. Beach Baseball Hall of Famers Inducted Israel, Hamas Trade Fire Despite Truce in Gaza Italy's Nibali Set to Win First Tour De France Raw: Shipwrecked Concordia Completes Last Voyage Raw: Sea Turtle Hatchlings Emerge From Nest Raw: Massive Dust Storm Covers Phoenix 12-hour Cease-fire in Gaza Fighting Begins Raw: Bolivian Dancers Attempt to Break Record Raw: Israel, Palestine Supporters Rally in US Raw: Air Algerie Flight 5017 Wreckage Virginia Governor Tours Tornado Aftermath Judge Faces Heat Over Offer to Help Migrant Kids Kangaroo Goes Missing in Oklahoma More M17 Bodies Return, Sanctions on Russia Grow
Stocks
Facebook