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Upcoming changes to the federal flood insurance program could have a significant impact on some homeowners and businesses in river communities such as Natick, Holliston, Ashland, and Concord.
The Federal Emergency Management Agency is updating flood plain maps nationwide, which means some property owners along the coast and rivers may be required to purchase flood insurance for the first time. Meanwhile, the federal government is also phasing out subsidies, which means the cost of purchasing insurance could be crippling for some property owners, said one state senator.
“Some of the communities will be dramatically hard hit and I don’t think the residents will know about it until they get a letter,’’ said state Senator Karen Spilka, a Democrat from Ashland. “People don’t know this is coming down and I think some of the costs could be exorbitant.’’