HARRISBURG, PA — Jeff King had put his house in Wilkes-Barre up for sale for $90,000 last year, put off by the city’s struggles with crime and the desire for a better school district for his four children, when he got a surprise: The prospective buyer discovered that her annual flood insurance premium would be $7,015, higher than 12 months of mortgage payments.
Even though President Barack Obama signed a law Friday to ease the sharpest premium increases for policyholders receiving subsidies from the National Flood Insurance Program, King is resigned to never selling the house, which is about a mile-and-a-half from the Susquehanna River. The writing, he said, is on the wall.
“Any educated buyer is going to stay clear from a home in the flood area,” King said.
Across Pennsylvania, with an estimated 86,000 miles of creeks, streams and rivers, the premium increases could deliver a gut punch to the state’s legion of old river cities and towns still struggling to recover from the loss of their industrial core.