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Flood insurance will be cheaper for more than 40 percent of policy holders in Indiana. FEMA changed how it calculates the premiums in the federal flood insurance program.
The agency said people with lower-valued homes have been paying more than their fair share of flood insurance. For decades, FEMA mostly based premiums off of whether you live in a flood zone and the property s elevation. But the new pricing system looks more at the risk to that specific home and the cost to replace it. It also takes into account more factors like heavy rainfall.
The National Flood Insurance Program (NFIP), which provides the vast majority of flood insurance policies across the country, determines pricing by calculating a property s elevation within a flood zone. Its model has barely changed in the more than 50 years since the program was established in 1968.
Last month, the Federal Emergency Management Agency, which manages the NFIP, announced it would begin to take property value and overall flood risk into account when determining pricing, rather than solely looking at elevation data.
The changes are expected to increase premiums for about 39 percent of Maryland policyholders more than 25,000 properties. The other 61 percent of policyholders in the state are set to see their premiums fall.
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What you need to know about the different weather factors that could make for a dangerous hurricane season.
The official start to the 2021 Atlantic Hurricane Season is less than a month away, and with several forecast agencies predicting another active year, now is the time to prepare.
Hurricanes are not just a coastal problem. Life and property can also be at risk hundreds of miles inland. The hazards, however, are not the same for all locations.
Most residents in hurricane prone areas understand how intense the winds can be but many may not realize, or prepare for, other hazards a storm presents.
Sticker shock for some, rate hikes for most homeowner s and flood insurance
Last year, he paid roughly $2000 for flood insurance. He just got the bill for this year. It’s now more than $8,000. Author: Thanh Truong / Eyewitness News Published: 4:25 PM CDT May 10, 2021 Updated: 6:14 PM CDT May 10, 2021
With hurricane season approaching, you may notice that premiums for your homeowner’s and flood insurance are higher than last year. We’ve heard from several viewers who say the bills for their policies this year are absurdly high.
Wayne Melerine sent us an email about his family’s home in Delacroix in St. Bernard Parish. Before it became a fishing camp for rent, it was where Melerine was raised. His dad built it in 1965, after Hurricane Betsy.
The Monroe County government is participating in a federal grant program to help local homeowners whose homes are at risk of flooding, have flooded in the past or the owner filed a flood insurance claim with the National Flood Insurance Program and is interested in grant funding to elevate, demolish and reconstruct a home, or sell the home.
Monroe County is participating in the national Flood Mitigation Assistance grant program to help with the costs to mitigate flooding. The grant opportunity is anticipated to open in September. While the 2021 requirements have not been published yet, Monroe County wants to help residents prepare early, according to county spokeswoman Kristen Livengood.