Flood Insurance Changes Could Spike Costs - InsuranceNewsNet
Flood Insurance Changes Could Spike Costs Marlborough Enterprise (MA) As the Federal Emergency Management Agency works to compensate for more than 50 years of mispriced flood insurance, those likely to be hurt most are the ones least equipped to handle unexpected expenses – middle-class and low-income homeowners. Scheduled to take effect in October is a major overhaul of FEMA's National Flood Insurance Program – the biggest change to the program's methodology since 1968. Experts say the recalibration of premiums will be representative of a structure's actuarial flood risk. In other words,...