VALLEY CITY, N.D. (AP) — Cities and towns throughout North Dakota are feeling the sting of rising federal flood insurance premiums.
In 2012, Congress passed a law that made some policyholders' rates to skyrocket. Washington revisited the law to scale back some of the increases, but the premium hikes are still coming.
Rates for primary homeowners could climb as high as 18 percent annually, while business owners and those with second home will see a mandatory 25 percent annual increase.
Statewide, 14 percent of the nearly 14,000 policyholders will see increases.
Many worry that high premiums could drive residents out of the flood plains and hurt housing prices.