Now the agency is rallying to more effectively assess homeowners risks. FEMA s National Flood Insurance Program (NFIP) recently rolled out new flood insurance rating procedures, set to go into effect in October and meant to equitably distribute the cost of insurance for potential flood damage based on the risk a property faces, according to a report from LendingTree and Value Penguin s data writer Andrew Hurst.
Under new rules released last week, hundreds of thousands of Americans in coastal areas and other flood zones will pay much more to insure their homes.
According to Hurst, before Risk Rating 2.0, the agency primarily evaluated flood risk by using flood zone maps, which communicate the likelihood of an area being inundated by a 100-year flood event. On paper, this translates to a 26% risk of flood damage during the lifetime of a conventional 30-year mortgage, he noted. By moving away from a reliance on flood zone mapping to show a community s flood risk, FEMA can illustr
Reps. Pallone, Pascrell Applaud Affordability Provisions in Draft National Flood Insurance Reauthorization
Targeted News Service
April 9, 2021 with Rep.
Bill Pascrell, D-
Bill Pascrell (NJ-09) today issued the following statement on Chairwoman
Maxine Waters s draft National Flood Insurance Program reauthorization. The proposal adopts the same cap on premium rate increases that Pallone and Pascrell included in their bipartisan flood insurance legislation last
Congress. When it comes to our nation s flood insurance policies, no one has worked harder than our friend and colleague Chairwoman
Maxine Waters. We are deeply grateful that she incorporated a major component of our bill to include the nine percent cap on premium rate increases, marking a significant step toward our shared goal of an affordable and stable National Flood Insurance Program.
Insurance Information Institute: 2021 Atlantic Hurricane Season Forecast to Be Above-Average
Targeted News Service (Press Releases)
SAINT JOHNS, Florida,
Insurance Information Institute issued the following news release:
An above-average level of tropical cyclone activity is projected for 2021, a year after a record-setting 30 named storms developed during 2020 s
Atlantic hurricane season, according to a forecast released today by
Colorado State University s (CSU)
Department of Atmospheric Science.
Led by research scientist
Insurance Information Institute (
Triple-I), the
CSU Tropical Meteorology Project team anticipates 17 named storms, eight hurricanes and four major hurricanes during the 2021 season, which starts on
June 1 and continues through
Nov. 30. A typical year has 12 named storms, six hurricanes and three major hurricanes.
Feds roll out new flood insurance rates. 1 million in Florida will pay more
Miami Herald (FL)
FEMA said Thursday.
The good news is, most will see increases of less than
$120 a year. The bad news is that homeowners will likely see annual rate hikes like that for the foreseeable future.
The National Flood Insurance Program, which underwrites most flood insurance policies in the
U.S., is changing the way it calculates what each property has to pay. The new strategy, called Risk Rating 2.0, is meant to help pull the program out of its
$20 billion debt and encourage people to live in safer, less flood-prone homes.
Feds roll out new flood insurance rates 1 million in Florida will pay more msn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from msn.com Daily Mail and Mail on Sunday newspapers.