Sunday, June 26, 2011

25 to 50 percent rate hikes needed for federal flood insurance ...


The deeply indebted National Flood Insurance Program would require premium rate hikes ?much higher? than 25 percent to get back on solid fiscal ground, a Government Accountability Office official told a Senate committee Thursday.

Orice Williams Brown, a managing director for GAO, added that the program, already nearly $18 billion in the red, may have to borrow more money this year just to keep up with its interest payments.

Source: http://insurancedose.com/Home-Insurance/25-to-50-percent-rate-hikes-needed-for-federal-flood-insurance-program/

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