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Indiana braces for flood insurance subsidy changes

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RICK CALLAHAN | March 24, 2014 10:21 AM EST | AP


INDIANAPOLIS (AP) — Thousands of Indiana homeowners who live in flood-prone neighborhoods are bracing for big insurance premium increases, despite Congress' latest fix for the government's debt-saddled insurance program.

An Associated Press analysis of government data shows 13,300 Indiana homeowners can expect annual increases of up to 18 percent in their flood insurance premiums. Another 3,200 owners of second homes and businesses will see annual increases of 25 percent.

A measure signed Friday by President Barack Obama softens the impact of a 2012 overhaul of the federal government's debt-saddled flood insurance program.

Indianapolis residents Chris Buckley and Cindy Norman have owned a home for two decades in a flood-prone neighborhood along the White River. They say they can't afford higher premiums.