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Flood insurance premiums will rise Tuesday when federal subsidy ends


SIOUX FALLS, S.D. (KELO AM) - Flood insurance premiums nationwide will rise between one and 25 percent beginning Tuesday. (10/1)

     Chief Planning and Zoning Official for Sioux Falls, Jeff Schmidt says that’s when a government subsidy for the insurance program ends.

     Schmidt says some structures, built in the flood plain before the last FEMA maps came out, were subsidized by the federal government.  He says the federal govenrment is coming back and saying they're going to treat everybody as equals, no matter when you were built, everyone is going to have to pay the same premiums.          

     Schmidt says homes with a federally insured mortgage, and built in a flood plain, must be covered by flood insurance.

     Schmidt says the levees around Sioux Falls are finished but it will take years before FEMA issues new maps that will remove some structures from the flood plain.