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Wisconsinites preparing for spikes in flood insurance costs

LA CROSSE, WI (WTAQ) - It's about to get a lot more expensive to live near Wisconsin's flood prone rivers.

Almost 7,700 home and business owners in the Badger State face huge increases in flood insurance premiums -- even after Congress scaled back those price hikes.

The federal government is the only one selling flood insurance. That program is billions of dollars in debt, because the revenues from premiums have not kept up with claims.

Teresa Secord of La Crosse tells the AP that she paid $525 for flood insurance last year. She was expecting to pay $3,700 this year, under a law passed in 2012.

However, Congress reduced the big price hikes earlier this month. Premium increases are now limited to 18 percent a year until the appropriate rates are charged.

Owners of businesses and second homes are paying 25 percent more.

(Story courtesy of Wheeler News Service)

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