Flood insurance costs going up by at least 10 percent

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Homeowners are finding out that flood insurance policy that they are so grateful for will soon cost more (KTRK)

Get ready to pay more for flood insurance. Houston flood victims are still trying to get their lives back to normal, and now they are finding out that flood insurance policy that they are so grateful for will soon cost more.

You do not have to convince Scot Carter of the value of flood insurance.

"I did not realize the value of flood insurance until this storm hit and to see the devastation that high water can bring into a home and the cost to fix it and make it right," said policy holder Scot Carter.

Carter lives in one Meyerland home and has two others.

Carter pays plenty for flood insurance, but when all policy holders renew, they will be paying more.

"It's not what I want to hear, but it's just how life is, I mean everything goes up," said Carter.

According to FEMA, the agency that runs the flood insurance program, those in preferred risk areas will see a 10 percent increase; those in non-preferred risk areas will see a 15 percent hike.

But that's not all.

There will be a $25 surcharge added to the policy of your primary residence. If you do not live in the home full time, the surcharge is going to be $250.

Flood victims and everyone else can see why it's important to have the coverage, and people we spoke with plan to budget accordingly.

"You have to have it in Houston, it's a crap shoot if you don't - you are taking a chance," said policy holder Craig Garrett.

One homeowner says his flood insurance went up about $100 this year. The price of getting flood insurance if you do not live in a flood zone is about $400 a year.
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homeconsumerfloodingaction 13Houston
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