By ERIK SCHELZIG
Associated Press
NASHVILLE, Tenn. – For many Tennessee property owners in flood-prone areas, a move by Congress to soften steep increases to subsidized insurance policies may come as little comfort.
A new law signed by President Barack Obama last week dials back some of most dramatic hikes in the price of national flood insurance, but Federal Emergency Management Agency statistics reviewed by The Associated Press show that 7,780 flood insurance policies in Tennessee still face soaring insurance rates.
About 5,550 policies covering mostly primary residences could be raised by up to 18 percent per year, though FEMA hasn’t said how high the rate increases will be. Another 2,300 businesses and vacation homes in Tennessee will see their rates go up 25 percent per year.