Loading...

Monday, May 26, 2014 | Category:

Tags: ,

OKLAHOMA CITY —— Though hefty premium increases for flood insurance may become a burden to some policy holders in Oklahoma, it’s necessary to keep the National Flood Institute from drowning, a stormwater manager for a southwestern Oklahoma city says.

The federal government for many years has offered subsidized flood insurance on homes and businesses constructed in the days before there were rules for building close to the water. But the subsidies have been costly, the premiums collected haven’t sufficiently covered the payouts and the National Flood Insurance Program is billions of dollars in debt.

In 2012, Congress passed a law requiring approximately 1.1 million subsidized policyholders to start paying rates based on the true risk of flooding at their properties. Congress heard the public outcry and passed legislation —— signed by President Barack Obama on Friday —— that pulls back on some of the increases. Instead of immediate, onerous spikes, affected homeowners will see annual premium increases as high as 18 percent year after year. Policies for businesses and second homes will climb 25 percent each year.

“I realize that it will be a burden for some of the homeowners who do not currently have flood insurance on their property,” said Cynthia Williams, stormwater manager for the City of Lawton’s Public Works Department.

Lawton has three major drainage basins that are subject to flooding — — East Cache Creek, Squaw Creek and Meadowbrook/Wolf Creek —— and the majority of local severe flooding is from heavy rainfall.

“They are built in such a way that it should drain a typical storm, but in flash-flooding situations, they sometimes do give out,” Williams said.

Within Lawton, 688 people and businesses have policies and 40 percent of those will see an increase in premiums, according to federal data collected by The Associated Press.

Statewide, more than 4,900 policyholders face up to an 18 percent increase each year, and more than 2,000 policy owners face the 25 percent increase each year, according to the AP’s analysis.

Williams said her office has not received any questions or concerns from residents or business owners about the increases.

Employees in the city’s Stormwater Management Division reached out to the public to inform them about the premium increases, including a recent event that gave away 100 free weather radios, along with flooding information.

Yukon City Manager Grayson Bottom said any increase will affect its city’s residents and businesses. Forty-eight percent of policy holders with flood insurance in the Oklahoma City suburb will face increases.

“For those people who have flood insurance, an increase will impact them. It sure will,” he said




You must be logged in to post a comment.

yeezy boost 350 v2 adidas yeezy boost 550 first look at the adidas yeezy boost 550 kanye west reveals new yeezy boost 350 v2 colorway adidas yeezy boost 350 v2 black white adidas yeezy sply boost 350 v2 wet test converse chuck taylor star ii shield canvas braves elements yeezy boost 350 v2 new 9021 adidas yeezy boost 350 v2 black pink our first look at the adidas yeezy boost 350 v2 blink adidas yeezy boost 350 v2 blackpink adidas yeezy boost 350 v2 blackpink first look yeezy boost 350 v2 upcoming releases adidas yeezy boost 350 v2 adidas yeezy boost 350 v2 black peach adidas yeezy boost 350 v2 beluga adidas yeezy boost 350 v2 beluga adidas yeezy boost 350 v2 beluga sneak peek adidas yeezy boost 350 v2 blackpink
adidas eqt support ultra primeknit core black adidas eqt support rf trace green solid grey adidas eqt support rf solid grey adidas eqt support rf trace green solid grey adidas eqt support rf green camo adidas eqt support rf green camo adidas eqt support rf green camo adidas eqt support rf camoolive cargo release date adidas eqt adv support primeknit adidas eqt support adv primeknit white black adidas eqt support white mountaineering x adidas eqt 93 17 boost white mountaineering adidas eqt 93 17 boost march 2017 white mountaineering x adidas eqt 93 17 boost drops march white mountaineering x adidas eqt 93 17 boost white mountaineering x adidas eqt 93 17 boost adidas eqt adidas eqt support 9317 blackpink adidas eqt support 9317 turbo red available now adidas eqt support 9317 core black release info