ALBUQUERQUE, N.M. (AP) — In the small village of Bosque Farms that borders the nearly dry Rio Grande south of Albuquerque, home and business owners have shelled out more than $600,000 a year recently for federally subsidized flood insurance. The payments covered claims that have totaled only $2,192 during the decades-old life of the program.
And the rates just keep going up.
This year, 275 homeowners in the village of 3,900 people are set to see rate hikes of up 18 percent a year as the federal government works to put the troubled National Flood Insurance Program back on sound financial footing. An Associated Press analysis of the program has found that as many as 1.1 million policyholders with subsidized government insurance will still be hit with steady rate increases across the country.