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7,780 flood insurance policies face hike in Tennessee

March 24th, 2014 7:54 am by ERIK SCHELZIG, Associated Press

7,780 flood insurance policies face hike in Tennessee

Cleanup at Babies on Broadway after flooding in Johnson City in July (Ron Campbell/Johnson City Press).

NASHVILLE — 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 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 polices covering mostly primary residences could be hiked by up to 18 percent per year, while another 2,300 businesses and vacation homes will see their rates go up 25 percent per year.

Davidson County has nearly 1,700 policies that could fall under the rate hikes, nearly double the next highest total, in Hamilton County.

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