Flood insurance rates set to increase tenfold for some homeowners

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Many of the 21,800 Hillsborough County, Fla. homeowners eligible for government-sponsored flood insurance are about to see their flood insurance rates skyrocket, with some people’s rates set to potentially increase by more than tenfold, The Tampa Tribune reports.

The looming rate hike is a result of recent legislation that cut subsidies for the National Flood Insurance Program. Local real estate agents told The Tampa Tribune that the rate increases are already sinking deals.

Source: The Tampa Tribune