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Slow Flood Insurance Relief Pains SD Proprietor

April 2, 2014, 2:11 PM

PIERRE, SD -

Despite the passage of a federal policy to ease spikes in flood insurance rates, implementation lag time is leaving at least one South Dakotan in a lurch.

Two of Cory Gollnick's seven rental properties in Aberdeen have or will see flood insurance hikes this year. The field engineer is considering his options and may drop one flood insurance policy. He says he has a lot of unanswered questions.

A 2012 federal policy sought to make the cost of national flood insurance rates reflect actual risk. That caused rates to spike starting last year.

President Barack Obama recently signed a new law to ease the rate transition. The new policy is meant to apply retroactively. But it will take the Federal Emergency Management Agency more than a year to catch up.

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