"When the Federal Emergency Management Agency overhauled its flood insurance program last year, it wanted to encourage homeowners to buy coverage by showing them more precisely the risk that each property faces of being flooded.
But instead, hundreds of thousands of people have dropped the flood policies they were buying through FEMA, raising concerns that an unprecedented number of households are financially exposed to flood damage.
Records reviewed by E&E News show that more than 425,000 people have discontinued the coverage they had through FEMA’s National Flood Insurance Program since October, when FEMA began to raise rates on millions of properties to reflect flood risk more accurately. FEMA also lowered premiums on hundreds of thousands of properties where rates were too high."
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