Thousands of Massachusetts homeowners could see major changes to their flood insurance rates starting Friday. FEMA estimates most will see decreases or modest increases. But 12% will see a hike of more than $120 a year.
Thousands of Massachusetts homeowners could see major changes to their flood insurance bills starting Friday.
"The flood insurance premiums, if they go up substantially, can impact the middle and lower class people who may live near the water have been in their homes for many, many years," Abatuno said. Deanna Moran, of the Conservation Law Foundation, said many of the old rates were based on antiquated flood maps — sometimes 40 or 50 years ago. And climate change has increased the potential threat from flooding in many places.
Some politicians in coastal areas have raised alarm about the potential rate increases. But critics say the rates were too low in many areas — encouraging development in flood-prone neighborhoods that never should have been developed in the first place.
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