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Federal flood insurance premiums to increase

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KBIA file photo
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After a record year for Missouri River flooding, an independent panel says the Army Corps of Engineers performed well, but the manual that guides water management needs revision.

For thousands of Missouri residents, flood insurance premiums are about to go up.

People living in flood plains around the nation will soon see a jump in premiums through the National Flood Insurance Program, though a new law softens the blow a bit.

Under a 2012 statute, premiums could have risen from $2,000 annually to $13,000 each year, but residential rate hikes are now limited to an increase of 18 percent a year.

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