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Flood insurance rates will go up October 1st


SIOUX FALLS, S.D. (KELO AM) -  The City of Sioux Falls anticipates the Corps of Engineers will finish raising levees around the Big Sioux River this summer.

     Chief Planning and Zoning official Jeff Schmitt says FEMA should certify the work at the end of the year.  

     Schmitt says there’s a significant number of Sioux Falls residents and businesses currently paying flood insurance.  He says the federal government passed a flood insurance reform act that goes into effect October 1, 2013.  That will remove subsidies from the insurance programs.              

     Schmitt says ending the subsidies means flood insurance premiums will rise from one to 25 percent in October.

     Schmitt says it’s unknown when FEMA will issue new flood maps that will excuse some property owners from having to pay flood insurance.

     He says Sioux Falls citizens should be aware of what flood risks exist and ways to mitigate that risk.