FEMA flood insurance changes could result in major rate hikes for homeowners

CHARLOTTE — People who have flood insurance are about to pay a lot more.

As a result, FEMA is paying out about 200% of what local families pay in for flood insurance.

FEMA is in debt because of all the floods and hurricanes that have happened.

FEMA has not released the data yet, but research suggests that the premiums could be 15% higher what people pay now, as the risk of flooding has increased now.

Flood insurance is almost a necessity for residents on Riverside Drive in west Charlotte.

People had to evacuate their homes in November because the Catawba River flooded.

However, flood insurance is too expensive for many residents, including a resident who spoke with Channel 9 meteorologist John Ahrens.

“I tried to check on it, and it was outrageous,” resident Susan Barbee said.

Her home was destroyed during a flood in 2019. She had to rely on her church community to help her out.

“I may not have that help next time,” Barbee said.

Tim Trautman at Mecklenburg County Storm Water services said they are trying to offer incentives to help people like Barbee reduce her risk and make protection more affordable.

“One of the missing pieces that Congress has not acted on is affordability,” Trautman said.

One way to reduce the risk is grants to help elevate homes so floodwaters won’t reach them.

“The higher you build, the lower your rates will be whether (the risk rate is) 2.0 or not, because there’s less risk,” Trautman said.

Find your home’s flood factor here.

He said something must be done to help people like Barbee and the FEMA program.

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Cox Media Group