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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