Interview of the Week: Dr. Carolyn Kousky click button

Interview of the Week: Dr. Carolyn Kousky

We recently wrote that the Federal Emergency Management Agency (FEMA) announced a new pricing structure for its federal flood insurance program in an effort to improve the equitability of flood insurance. Disaster insurance and preparedness is a topic that is becoming an all too familiar topic as extreme weather events cause billions of dollars in […]

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FEMA Announces Flood Insurance Rate Changes to Improve Equitability

FEMA Announces Flood Insurance Rate Changes to Improve Equitability

The Federal Emergency Management Agency announced late last week a new pricing structure for its federal flood insurance program.  The federal government has been subsidizing flood insurance for people in areas defined by the government as flood-prone — the new pricing takes into account the actual risk to people’s homes.

Why This Matters:  The prior system was inequitable and FEMA says its new system will mean that low-income people with less valuable homes will pay only their fair share.

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FEMA May Increase Flood Insurance Rates to Reflect Skyrocketing Risk

FEMA May Increase Flood Insurance Rates to Reflect Skyrocketing Risk

The National Flood Insurance Program is revising its rates for flood coverage on April 1st, and to reflect current risks, and experts say they may need to quadruple. FEMA’s new risk rating system will use a model proposed by the First Street Foundation, which found that by 2050, insurance premiums on flood-risk homes would need to rise sevenfold to cover the costs of annual damage.

Why This Matters: The rising premiums create a conundrum for the Biden administration, which has promised to honor science in federal policymaking but has also pledged to address economic issues facing the working class.

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As Flood Plains Expand, Sellers Continue to Hide Risk from Residents

As Flood Plains Expand, Sellers Continue to Hide Risk from Residents

by Amy Lupica, ODP Contributing Writer  Across the nation, 15 million residences are at high risk of flooding within the next 30 years, and most homeowners and renters aren’t aware of this risk. Only about half of states require any kind of disclosure when it comes to flood risk and those that do offer information […]

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Climate Change Threatens the 30-Year Mortgage

Climate Change Threatens the 30-Year Mortgage

CBS News reported last fall that climate change could punch a hole through the financial system by making 30-year home mortgages — the lifeblood of the American housing market — effectively unobtainable in entire regions across parts of the U.S. Recent reporting from the New York Times goes further to explain that homebuyers are increasingly […]

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Climate Change Poses Huge Risks to Housing Markets, Taxpayers Are Covering the Costs

Climate Change Poses Huge Risks to Housing Markets, Taxpayers Are Covering the Costs

  In the last 20 years, the U.S. has seen an average of almost seven natural events per year that each produce damages in excess of $1 billion. In the aftermath, not only are homeowners waiting an average of 5 years for FEMA-backed buyout of damaged homes but there’s growing concern that banks are giving […]

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