Flood insurance rates are set to go up for people who own property along the North Carolina coast. Congress approved the rate increase last year after the National Flood Insurance Program had to borrow money to pay damage claims in the wake of Hurricane Katrina and Super-storm Sandy.
Outer Banks Board of Realtors government affairs officer Willo Kelly says new flood maps could cause dramatic changes to flood insurance rates. “We are really concerned about the impact on the…military family community,” she says. “How this is going to impact those policy holders that may be 10, 15 years into their 30 year mortgage and then all of a sudden their flood insurance premiums are going to skyrocket.”
Kelly also says that discounts for homes built before 1974 are going away and across the board increases can now go up 20% each year.