Rallies against flood insurance hikes held in at least nine stat - FOX 8 WVUE New Orleans News, Weather, Sports, Social

Rallies against flood insurance hikes held in at least nine states

Luling, La- The controversial Biggert Waters Act, which will likely cause a huge spike in people's flood premiums, goes into affect Tuesday, October 1st.

Some homeowners say they'll have to walk away from their homes because of the hike in insurance costs.

"I'm probably one of the homeowners who would have to walk away," said Catherine Porthouse, a Bayou Gauche resident.

Porthouse says she just won't be able to afford the high flood premium that is expected for her home.

"I'm only four years into my mortgage, I'm looking at a flood premium that could be double my note...double my note," said Porthouse.

Because she knows she's not alone, Porthouse is spreading the message to other homeowners about, what she calls, a foreclosure crisis that's brewing.

Most of the people who stopped by her informational booth found out that their bank accounts will be underwater even if their homes never have been.

"I've got a two story brick house, never flooded since I've been there," said Kerry Cranford, a Luling resident. "Currently you're paying $300 to $5,000, and that's right off the top."

"My insurance rate right now is $500, and what it's going to go up to is $4,477," said Luling resident Christine Trevett. "I've had that house for 20 years, have never ever flooded."

Saturday, Porthouse's booth was one of the Stop FEMA Now rallies held across at least nine states, because the situation is worrisome to homeowners across the nation.

For those who aren't concerned, Porthouse wants to make clear: for certain areas, the insurance hikes will mean the difference between continuing to rebuild or moving out of town.

"You get the public and they kind of roll back on their heels and say, 'they'll never let it happen,' and it's one of these things you say, 'but it has happened,'" said Porthouse. "The frustration you feel when you say, 'ah, that's going to take an act of Congress.' That's what we need. We need an act of Congress."

The insurance hikes will be immediate for policies written or renewed on October 1st or after. For most homeowners, the changes will be more gradual.

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