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Flood insurance rates increased in Green Bay area

GREEN BAY, Wis (WSAU-Wheeler News)  Green Bay homeowners were among the hardest hit in the state, after FEMA recently raised insurance rates for those living in flooplains. Some residents saw premiums climb as much as 300-percent.

Realtors Association of Northeast Wisconsin President Mari Reichel is hopeful legislation signed by President Obama last week will limit future increases. The bill limits annual increases to between 18 and 25 percent, which she says should provide more certainty for property owners. Without the limits, Reichel says it would have been nearly impossible to sell homes located in a floodplain.

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