Paying More For Flood Insurance

1 decade 1 year 1 month ago Friday, August 24 2007 Aug 24, 2007 Friday, August 24, 2007 9:58:42 AM CDT August 24, 2007 in News
Source: (Copyright 2007 The Associated Press All Rights Reserved.)
ST. LOUIS (AP) - A federal remapping process could mean that thousands of Missouri and Illinois residents living along the Mississippi River pay more for flood insurance. Currently, homeowners in areas behind levees protecting against 100-year floods are exempt from having to purchase flood insurance. The St. Louis Post-Dispatch reports today that change is coming. The change is due to a FEMA remapping process. Plans call for a recommendation that residents protected by 100-year levees buy insurance. As a result, lenders may require it. Insurance may be mandatory in areas like East St. Louis, where the safety of levees can't certified. Senator Dick Durbin of Illinois, Missouri Senator Kit Bond and Congresswoman Jo Ann Emerson are among those expressing concern.

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