Report: AZ homeowners on flood plain properties to see steep ins - CBS46 News

Report: AZ homeowners on flood plain properties to see steep insurance premiums

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TUCSON, AZ (Tucson News Now) -

Thousands of Arizona home and business owners whose properties lie in flood plains are facing steep annual increases in insurance premiums, including 840 Tucsonans.   

The federal government has subsidized flood insurance for properties built before flood zones were outlined, but the premiums collected haven't covered the payouts.

Now, the National Flood Insurance Program is $24 billion in debt.

More than 4,600 Arizona homeowners will see increases of up to 18 percent annually. Nearly 1,400 owners of businesses and second homes will see yearly increases of 25 percent.

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