OKLAHOMA CITY (AP) - More than 4,900 homeowners in Oklahoma will see their flood insurance premiums rise as the federal government reduces subsidies to the program.
More than 2,000 business and vacation homeowners with policies under the National Flood Insurance Program also face increases.
The recently overhauled federal law would limit increases to 18 percent annually for owners of primary homes. Business owners and owners of vacation homes will see a mandatory 25 percent increase annually.
Cynthia Williams is the stormwater manager for the City of Lawton’s Public Works Department. Forty percent of the policy owners in Lawton - which has three major drainage basins that can flood during heavy rain - face an increase.
Williams says the increases are necessary for the program to stay afloat, though she realizes it’ll burden some homeowners.