Flood insurance rates on the rise - WECT TV6-WECT.com:News, weather & sports Wilmington, NC

Flood insurance rates on the rise

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CAROLINA BEACH, NC (WECT) - Biggert-Waters Flood Insurance Reform Act of 2012 was passed by congress and signed by the president last year.

The law will change everything from flood insurance rates and flood maps, to the management of flood zones. If your property is in a flood zone that begins with an "a" or a "v" and the property is not your primary residence, your rates could go up 25% per year. Primary homeowners will eventually be hit by the increase soon after.

At a meeting next week, Carolina Beach town leaders will consider a resolution opposing the law.

Dennis Barbour, a small business owner who lives in Carolina Beach, believes the people went by the book, but now, the government is changing the book on them.

"I think it should have been phased in a lot slower over a lot more years and not taken into account that we are going to face a catastrophe like that every year," said Barbour.

Wrightsville Beach passed a similar resolution last week, opposing the law. But even if Carolina beach also passes a resolution, it doesn't hold much weight, as its more of a declaration of where the community stands on the issue.

Town leaders will then send the proposal up the chain to state leaders in Raleigh, hoping to build more momentum towards amending the law.

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