Senator Discusses Flood Insurance Rates - KMOT.COM - Minot, ND - News, Weather, Sports

Senator Discusses Flood Insurance Rates

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Flood insurance rates are rising so fast some homeowners in North Dakota may be flooded out of the market.

Because of the rate increases Senator Heidi Heitkamp held a public meeting today to address concerns about the spike in rates.

In Grafton, some residents have seen a 400 percent increase in their flood insurance premiums. Heitkamp and the rest of the North Dakota Congressional Delegation are working to pass the bipartisan Homeowner Flood Insurance Affordability Act, which would stop the steep rate increases.

"This issue could make single family home ownership unaffordable in our communities. It's done it in Grafton, it could do it in Minot," says Heitkamp.

The new flood insurance rates took effect October 1, and impact more than four million homes and businesses in the United States, including many in North Dakota.

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