Will people be forced into foreclosure by the new flood Insurance Law?

North Carolina, Outer Banks real estate agents and home owners are worried the new Biggert-Waters Flood Insurance Reform Act of 2012 could hike home flood insurnace premiums by thousands of dollars.  Higher insurance premiums could ward off buyers and cause lenders to turn down loans.  Possibly in some cases, flood insurance rates could reach $30,000 a year for buildings in low-lying areas.  Jeff Hampton with The Virginia-Pilot wrote a very good article (VIEW ARTICLE) about these concerns.  If you are interest I have attached a document (VIEW DOCUMENT) that summarizes the contents of the Biggert-Waters Flood Insurance Reform Act of 2012.