Phoebe Jones / WWNO
Flood insurance rates across the country are about to change in a big way, and it starts on Oct. 1.
Here in Louisiana that mostly means increases. Eighty percent of flood insurance policyholders are expected to see their premiums either increase or stay the same, FEMA announced Thursday. Premiums will decrease for the remaining 20 percent in the state.
Flood insurance rates are set by the National Flood Insurance Program (NFIP), which is run by FEMA, and the new rates are part of a major overhaul to that program billed as “Risk Rating 2.0.”
The changes are meant to do a couple of things:
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