Homeowners in Insurance Premium Shock

Homeowners in Insurance Premium Shock

Some local homeowners are facing flood insurance premiums higher than their mortgage rates.
BELLEFONTE, CENTRE COUNTY – A drop in the flood insurance subsidy by the federal government is giving some homeowners in Centre County a case of sticker shock.

Centre County Commissioners have fielded several complaints from homeowners whose insurance premiums are now higher than their mortgage payments.

The issue is also impacting homeowners looking to sell their homes.

“This is a real issue for homeowners and particularly for folks that have property that has been in their family for years and years and years,” said Centre County Commissioner Steve Dershem. “I’m hearing from some that have never had flooding issues that at the same time are impacted by the increase in the rates.”

Commissioners will continue to discuss the issue to determine how to help solve the problem.
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