"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.”
The agency said that under its “Risk Rating 2.0” methodology, 23 percent of policyholders will see their premiums decrease. Sixty-six percent will see increases of up to $10 per month; 7 percent will see increases of between $10 and $20; and 4 percent will see greater increases."
Rachel Frazin reports for the Hill April 1, 2021.
SEE ALSO:
"U.S. Rolls Out First Update To Flood Insurance Pricing In 50 Years" (Reuters)
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