PORTLAND, Maine (AP) -- More than 3,000 Maine homeowners and businesses could see their rates for flood insurance rise in an attempt to put the troubled National Flood Insurance Program back on sound financial footing.
An analysis by The Associated Press finds that most of the communities with the largest number of rate increases are on the coast, but the problem touches all of the state's 16 counties.
Fred Richardson has a home in Wells and says some of his neighbors are dropping their policies, willing to take a risk in an area that rarely sees storm damage. He says he's keeping his.
A bill signed by President Barack Obama on Friday will roll back the most dramatic rate increases, but as many as 1.1 million policyholders will still be hit with higher premiums.
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