CHICOPEE, Mass. (WWLP) – Living on the water can come with its cost and that cost is increasing. 22News found out how it might cost more for flood insurance.
24,000 people living along the water in Massachusetts could pay up to 18 percent more every year on flood insurance.
That’s according to an Associated Press review of flood insurance data. They would pay that increase until they switch to a risk-based rate.
It also found more than 7,000 residents could be forced to pay 25 percent more a year.
22News spoke with two men who have experienced how much damage the Connecticut River can do when it overflows onto Aqua Vitae Road in Hadley.
“It’s a beautiful place to live but that’s always on people’s minds, I’m sure. The flood insurance. It definitely would be something I would go with. I’d pay whatever it took to cover my property and all my belongings.”
All this, after President Obama signed a bill into law on Friday that was supposed to fix the federal flood insurance program.
Homeowners protested an overhaul of the National Flood Insurance Program in 2012, saying their premium increases would be too much.
Lawmakers in Massachusetts have been trying to find ways to get some relief for homeowners who live close to the water.