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Mon Feb 22, 2021, 09:58 PM

Flood-prone homeowners could see major rate hikes in FEMA flood insurance changes, new study finds

With a major overhaul of the nationís flood insurance program just months away, new data released Monday by the First Street Foundation suggests hundreds of thousands of homeowners in the riskiest locations across America could face massive rate hikes starting in October.

The Brooklyn, New York-based research group estimates the average rate needs to more than quadruple on the nationís most flood-prone homes under the ongoing effort to make the federal flood insurance program solvent and ensure homeowners most at risk are paying their fair share.

First Street data projects that the majority of homeowners won't see big rate changes, and others could see premiums decrease. But for some 265,000 properties, annual premiums would need to climb $10,000 or more to match the actual risk. Those with more expensive properties are estimated to see the biggest premium increases.

Any actual rate hikes adopted by the federal government would be slowly phased in for existing policyholders.

Read more: https://www.starnewsonline.com/in-depth/news/investigations/2021/02/21/fema-flood-insurance-rates-could-spike-some-new-study-shows/6764469002/
(Wilmington Star News)

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Reply Flood-prone homeowners could see major rate hikes in FEMA flood insurance changes, new study finds (Original post)
TexasTowelie Feb 22 OP
SoonerPride Feb 22 #1
spooky3 Feb 22 #3
TexasTowelie Feb 22 #4
jpak Feb 22 #2

Response to TexasTowelie (Original post)

Mon Feb 22, 2021, 10:00 PM

1. Florida will be a string of islands in 60 years

And completely gone in 150.

The state needs to empty out ahead of the coming floods.

Iím not kidding.

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Response to SoonerPride (Reply #1)

Mon Feb 22, 2021, 10:42 PM

3. Too bad the rising tide won't reach The Villages first. Nt

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Response to SoonerPride (Reply #1)

Mon Feb 22, 2021, 11:35 PM

4. Psst!

Don't tell Donald so that he will remain behind.

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Response to TexasTowelie (Original post)

Mon Feb 22, 2021, 10:28 PM

2. About time

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