Bosque Farms to pay more for flood insurance

ALBUQUERQUE (KRQE) – Residents in Bosque Farms are upset their flood insurance premiums keep going up – even though New Mexico is in a drought.

Increases came under a newly passed national law aimed to cover a $24 billion deficit after long-running discounts and a series of big storms.

This year, 275 homeowners in Bosque Farms will likely see rate hikes of up to 18 percent a year as the federal government tries to put the national flood insurance program back on sound financial footing.

Real estate agents say the rates just keep going up, making it difficult for some residents to pay the premiums or even sell their homes.

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