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In Va, 20K-plus face flood insurance rate hikes

Monday - 3/24/2014, 4:08am  ET

NORFOLK, Va. (AP) -- More than 20,000 Virginia homeowners and businesses could see rates for flood insurance rise as part of an attempt to put the troubled National Flood Insurance Program back on sound financial footing.

An Associated Press analysis of federal data shows that 18 percent of the state's policies will see premiums rise up to 25 percent.

The increases are part of the federal government's overhaul of the insurance program that's billions of dollars in debt due to years of subsidies for 1.1 million homeowners and businesses.

In Virginia, more than 14,000 policy owners face increases of up to 18 percent each year. Nearly 6,000 policy owners face an annual 25 percent increase.

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