Flood insurance hikes could drown out homeowners - WECT TV6-WECT.com:News, weather & sports Wilmington, NC

Flood insurance hikes could drown out homeowners

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BRUNSWICK COUNTY, NC (WECT) - For those who live along the coast, flood insurance rates could soon go through the roof forcing some homeowners to consider moving away. 

The next time that homeowners renew their flood insurance, some folks could see their rates go up by thousands of dollars.

Currently, there's a proposal going through legislation which could triple the amount of taxes for homeowners along the coast.

Right now, several beach towns in our area are working closely with federal officials, hoping to see changes in the flood elevation rules so those rates will go back down.

Under the new proposal, premiums could go from $100 to $400 for small-risk homes and from $4,000 to $18,000 for large-risk homes. 

Gary Anderson has been living in Oak Island for the past six years.

Anderson says his rates have gone up by $1,000 since 2007.

He's worried that his family may have to move if his rates go up any higher.  "We are going to be priced out if we don't control the increases of these insurances," said Anderson.  "People should realize it's going to happen to them too."

The new rates could go into effect as early as July, 2013.

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