Owners facing flood insurance premium hikes - WTOC-TV: Savannah, Beaufort, SC, News, Weather & Sports

Owners facing flood insurance premium hikes

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By RUSS BYNUM and KATHLEEN FOODY
Associated Press

ATLANTA (AP) - Within a year, Wanda Drury saw the bill for flood insurance on her home overlooking the coastal marshes of Glynn County increase an astounding tenfold from $674 a year to more than $6,700.

It was enough money that the retired widow applied for a bank loan to cover the bill for insuring her 1,400-square-foot Cape Cod style house on Blythe Island west of Brunswick. Although President Barack Obama recently signed a law to roll back some rate increases meant to shore up the troubled National Flood Insurance Program, thousands of Georgia homeowners like Drury can count on paying increasing flood insurance premiums each year - though perhaps less than they originally feared.

Drury, a retired customer service rep, signed for a new flood policy this year and has sticker shock.

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