Kalt has a mortgage on his Machesney Park home, so he has to have flood insurance. He says paying for it is getting cost. Kalt says “the cost has gone anywhere right I believe we’re at 600 for the first year and right now we are at 3,000 dollars.
So what’s causing this flood insurance hike? James Novak from Apple Insurance says “the government FEMA had a tremendous amount of losses with the hurricane and the floods and they had to spread the loss and it’s become quite a disaster now for people to buy this insurance.”
He says it’s also hurting the housing market. People are reluctant to buy a house where the flood insurance premiums will be high.