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FEMA unveils new flood insurance calculation it says will be more equitable

FEMA unveils new flood insurance calculation it says will be more equitable Rachel Frazin © getty FEMA unveils new flood insurance calculation it says will be more equitable The Federal Emergency Management Agency (FEMA) on Thursday unveiled changes to the National Flood Insurance Program that it says will be aimed at being more equitable. A fact sheet from the agency said that it will be able to do this by calculating premiums based on home value and flood risk, with more expensive homes potentially costing more to insure. The agency said that currently people with lower-valued homes are paying more than their share of the risk while those with higher-value homes are paying less than their share.

Your Flood Insurance Rate Is Probably Going Up: FEMA Announces New Rates Effective In October

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:

Feds roll out new flood insurance rates 1 million in Florida will pay more

Feds roll out new flood insurance rates 1 million in Florida will pay more
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