Some Southern California homeowners saddled with higher flood insurance

Thousands of homeowners in Southern California are forced to increase their flood insurance coverage in order to comply with new federal flood zone maps, according to the Los Angeles Times.

A report published today in the Times found that

The federal government has informed property owners in more than 150 cities and unincorporated areas in Los Angeles, Orange, Ventura, Riverside and San Bernardino counties about the new requirement...

Premiums range from $500 to more than $1,700 a year. Insurance is mandatory for anyone with a federally backed mortgage, and lenders will typically buy policies, sometimes at a higher cost, for property owners who fail to do so on their own. Fannie Mae and Freddie Mac own or guarantee more than half of all U.S. mortgages.

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