Flood Insurance Rates may Spike

New flood insurance rate maps have recently been developed by the Federal Emergency Management Agency (FEMA) for Oahu and Kauai.  Homeowners on these islands with federally backed mortgages may now need to obtain flood insurance.  And homeowners who currently carry flood insurance may see a dramatic increase in their flood insurance premiums.  Check out the Honolulu Star Advertiser article below.  In one example, the flood insurance premium for a homeowner could increase from $350 annually to $5,700 annually!!

http://www.staradvertiser.com/news/20100805_New_maps_could_hike_insura nce_cost.html