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QUINCY (CBS) – It just got more expensive for some people to own a home. It’s not rising interest rates, but another cost that will impact some homeowners.
WBZ NewsRadio 1030′s Mark Katic reports.
Who doesn’t like the idea of owning waterfront property? As of Tuesday, that got a lot more expensive because FEMA was ordered to update their flood maps.
“Part of the bill by Congress sets forth a group to study getting better mappings so that they can make more precise predictions on where the floods are gonna happen,” said Geoff Gordon of Gordon Insurance in Norwell.
Now, more homes are listed in high-risk flood zones.
There wasn’t much pressure to redo the maps until the government’s flood insurance dealt with Hurricane Katrina.
“The national flood insurance program is $18 billion in debt to the U.S. Treasury. So, they’re going to get that through increased flood insurance policies,” said Gordon.
If you live near the water and have a government-backed mortgage, you could be looking at a $2,000 to $4,000 yearly bump in flood insurance.