FEMA offering sharply discounted insurance rates for 2 years under flood remapping push
{{#rendered}} {{/rendered}}EAST ST. LOUIS, Ill. (AP) — Property owners across the country who fear they'll be forced to buy expensive flood insurance under a push to draw up new floodplain maps may soon catch a break.
U.S. Sen. Dick Durbin of Illinois said this week that the Federal Emergency Management Agency is offering the coverage at sharply lower rates for two years.
A southwestern Illinois levee official estimates an affected homeowner's yearly premium under the lower rate might be $300 — four to five times less than what it might be otherwise.
{{#rendered}} {{/rendered}}The new rates are available after the redrawn maps take effect.
The insurance requirement applies to property owners with federally backed mortgages in what are deemed high-risk flood areas.