Flood Insurance Premiums To Go Down For 46 Percent Of Hoosiers
Listen to the broadcast version of this story. 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 rainf...