While FEMA and its NFIP continue to face obstacles with the rollout of the new rating system, private insurers have found an opening to expand their footprint in the flood insurance market.
Tag: Risk Rating 2.0
Florida, Other States Continue Fight Over Higher Flood Insurance Rates
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.
GAO Issues Analysis of FEMA’s Risk Rating 2.0
The U.S. Government Accountability Office (GAO) has issued a report on the Federal Emergency Management Agency (FEMA’s) National Flood Insurance Program (NFIP), examining several objectives, including the actuarial soundness of Risk Rating 2.0; how premiums are changing; efforts to address affordability for policyholders; options for addressing the debt; and implications for the private market.
Flood Insurance Costs Have Risen for More than Half of Policies: FEMA
Across all states and territories, the average cost of flood insurance was $888 per policy prior to Risk Rating 2.0, according to FEMA data. With Risk Rating 2.0, the average cost of insurance is projected to be $1,808.
Florida Joins Other States in Fight Over Flood Insurance Revamp
lorida has joined nine other states in a federal lawsuit challenging an overhaul of the National Flood Insurance Program, arguing the new system is flawed and will drive up premiums for many property owners.
Flood Insurance Costs in Florida Are About to Explode
Just as homeowners are realizing the increased risks of going without flood coverage, the Federal Emergency Management Agency has released data showing that coverage costs are exploding for properties in coastal areas most vulnerable to flooding.
House Oversight Panel Wants FEMA to Explain High Flood Insurance Prices
The U.S. House committee charged with investigating government fraud and corruption demanded Monday that the Federal Emergency Management Agency detail just how its new flood insurance pricing system works.
Sharp Flood Insurance Hikes with Risk Rating 2.0 Across South Louisiana Detailed in New Data
The sharp increases in flood insurance rates south Louisiana communities are facing have been detailed for the first time in data released by FEMA, with one of the state’s ZIP codes projected to see the steepest hikes of any in the nation and others varying widel
Flood Insurance Costs Rise in Areas Once Deemed Lower Risk
In the last year, the southwestern Louisiana city of Lake Charles has been hit by two hurricanes, heavy rains that sent water gushing down streets, and a deep freeze that caused pipes to burst. However, because the cost of his flood insurance is rising, Tommy Eastman may eventually drop coverage on his four-bedroom home, which… Continue reading Flood Insurance Costs Rise in Areas Once Deemed Lower Risk
New Flood Rates Will Benefit Lower-Income Communities
An upcoming overhaul of the federal government’s flood insurance program will financially benefit many of the nation’s lowest-income communities by cutting premiums for a large share of their residents, an E&E News analysis of government data shows. But the restructuring will be costly for some affluent coastal communities as the National Flood Insurance Program starts… Continue reading New Flood Rates Will Benefit Lower-Income Communities