Florida and other states are trying to fend off an attempt by the Biden administration to end a lawsuit challenging changes to the National Flood Insurance Program that have led to higher premiums for many property owners.
Tag: flood insurance premiums
10 States, Local Governments Sue FEMA Over Higher Flood Insurance Rates
Ten states and dozens of municipalities are suing the Biden administration over rate hikes in the National Flood Insurance Program. That program offers coverage in high-risk flood areas and is administered by FEMA.
Redfin Report: 81% of Flood Insurance Policyholders Will See Rate Increases
When the Federal Emergency Management Agency overhauled its beleaguered National Flood Insurance Program last April, it promised that larger, more expensive homes would bear the brunt of premium increases, while nearly 90% of policyholders would see their costs remain stable or decrease. According to a new report from the real estate firm Redfin, when the… Continue reading Redfin Report: 81% of Flood Insurance Policyholders Will See Rate Increases
Higher Value Homes Mean Higher Insurance Premiums under New Flood System
The Federal Emergency Management Agency on Friday unveiled the details of an overhaul to its beleaguered National Flood Insurance Program, the initiative’s first major update in 50 years. Most homeowners in the program will have lower or stable premiums, but roughly 11% of homes—largely the highest value ones—will see increases in premiums of at least… Continue reading Higher Value Homes Mean Higher Insurance Premiums under New Flood System
Climate Change Poses Major Risk to Flood Insurance Program, Experts Warn
Environmental experts last week warned House lawmakers about risks to the National Flood Insurance Program (NFIP) posed by climate change, saying the situation is likely to worsen in the coming years. The hearing, hosted by the Financial Services Subcommittee on National Security, International Development and Monetary Policy, focused on the macroeconomic effects from climate change… Continue reading Climate Change Poses Major Risk to Flood Insurance Program, Experts Warn