Thanks to superstorms, flood insurance rates are about to go way up
In the near future, the pleasures of living on a coastline may well be mitigated by the new realities of climate change. But even sooner -- October 1, to be exact -- homeowners who live along coastlines and riverbanks are going to be paying a lot more for federal flood insurance.
A law drawn up last year by Congress, Reuters reports, goes into effect next month as an attempt to balance a $24 billion deficit in the National Flood Insurance Program, caused in large part by Hurricane Katrina. And that was before Superstorm Sandy hit.