Homeowners are facing the real possibility of having to pay more for their flood protection
Some homeowners in Connecticut are facing the possibility of having to pay significantly more for their flood protection as the Federal Emergency Management Agency continues to revise its flood maps. These flood maps are used to determine the flood risks of particular parts of the country. The maps are also used to price flood insurance protection, which is typically acquired through the National Flood Insurance Program. FEMA has been revising its flood maps recently in order to account for the higher frequency of natural disasters that produce floods.
Rising flood protection costs are linked to FEMA’s revisions of its flood maps
Rising flood protection costs have become a major point of contention between homeowners and the federal government. In the past, areas of the country that were designated as flood zones by FEMA were somewhat small and people tended to avoid living in these locations. Revisions to flood maps have, however, placed large communities in newly defined high risk zones that require they to either purchase flood insurance coverage or leave the area. Many of these communities have never experienced a significant flood disaster, or have not fallen prey to such a disaster in decades.
NFIP continues to struggle to overcome its massive debt problem
Currently, the National Flood Insurance Program is the only place for homeowners in the U.S. to find the coverage that they need. Flood damage caused by Hurricane Katrina, Hurricane Sandy, and similar natural catastrophes have left the federal insurance program with a $24 billion deficit. The federal government has been working to resolve the program’s financial issues, but have largely been unsuccessful thus far.
FEMA claims revisions to flood maps are necessary to account for serious environmental risks
Some homeowners are accusing FEMA of placing communities in high risk flood zones in order to generate more financial activity for the National Flood Insurance Program. The federal agency argues that revisions to its flood maps are necessary in order to account for the serious risks that are emerging due to the growing prevalence of powerful hurricanes and other major natural disasters.