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The average cost for a National Flood Insurance Program policy in the New Orleans area was up in most areas in February compared with a month and a year ago, according to updated policy statistics.
Abita Springs and unincorporated St. Tammany Parish were the only areas to see policy premiums decrease over the month, while Covington and St. Charles Parish were down over the year, according to Federal Emergency Management Agency data as of Feb. 28, 2013, the most recent available.
Average flood premiums continued to climb in unincorporated parts of Jefferson Parish where residents there have seen rates go up every month since before April 30, 2012. The average premium in that area was up 3.6 percent from a year ago.
Average flood rates in Orleans Parish were also on the rise for the seventh month, up by 1.6 percent from $880.03 in August, though most other areas experienced a small, incremental rise in rates over the past year.
That gradual increase in premiums is expected to accelerate after this year as the National Flood Insurance Programs seeks to phase out so-called "subsidized" rates, mostly less than full risk premiums on homes built before the first flood zone maps were drafted....