Some homeowners saw their flood insurance rates double or triple recently, after FEMA approved new flood plain maps.
Green Bay was impacted more than any other community in the state, but a local Realtor doesn’t expect that to have a major effect on home sales.
Mari Reichel is the president of the Realtors Association of Northeast Wisconsin. She says a bill signed last Friday by President Obama should counteract the hikes, by limiting the annual increases to 18 to 25 percent. Reichel says that should mitigate any impact on home sales.
Without the change, she says selling homes in a flood plain would be very difficult.