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US flood insurance sinks homes

Big jump in premium sparked by new federal rule has led to a fall in home prices in flood zones

Any buyers? In some places property values have dropped by 30 per cent because of the new flood rules. Some house hunters have already begun blacklisting neighbourhoods where premium rates are rising. - PHOTO: BLOOMBERG

[TALLAHASSEE, Florida] RANGEL Dockery and her husband bought a waterfront house in Florida four months ago, assuming their US$2,000-a-year flood insurance premium would remain about the same. After reading recently about a change in the federal flood programme, they checked on next year's rates...

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