Bosque Farms residents upset about flood insurance hikes

Created: 04/16/2014 6:20 PM
By: Jorge Torres, KOB Eyewitness News 4

People living in Valencia County are having to pay a lot of money for a problem that hasn't existed here in decades.

"As a homeowner and as a business-person, it's a problem," said Harriett Taylor, who's lived in Bosque Farms for more than 30 years.

The reason is that almost all of the area is now in the flood map zone.

After Hurricane Katrina in 2005, the federal government began reassessing those flood zones, which now means many areas, including Bosque Farms, will have to pay for mandatory flood insurance.

Taylor has seen her insurance rates go up from $500 to $1,000 in a span of 10 years. Her flood insurance has the same price-tag as her taxes!

Some here think the prices are going up to help subsidize the FEMA payouts for the storms out east in recent years.

"If a homeowner is in an area where it consistently floods, say Iowa or Ohio or wherever there's something, a homeowner can rebuild after a disaster up to 4 times in that same spot and we're funding that," Taylor said.

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