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Fix only slows insurance hike for 60,000 New Yorkers

NEW YORK (AP) Thousands of New Yorkers are likely to see flood insurance premiums rise as the government phases out subsidized insurance nationally in some of the most at-risk areas.

President Barack Obama signed a law Friday that put a halt to a 2012 overhaul of the National Flood Insurance Program. It was supposed to end the subsidies for homes and businesses that were built in flood zones years ago.

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The bill merely delays many rate increases. Data analyzed by The Associated Press shows about 49,000 primary homeowners in New York state will face annual rate hikes of up to 18 percent each year.

About 10,700 businesses and owners of second homes will face annual increases of 25 percent until they switch over to a risk-based rate.

Copyright 2014 The Associated Press. All rights reserved

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