Flood insurance program overhaul began this month

Flood insurance - Revision

Despite opposition, Risk Rating 2.0 has gone into effect with revisions expected for 5 million policies. Opponents to the Risk Rating 2.0 did their best to stop the flood insurance program overhaul from becoming a reality, but those members of Congress were unable to do so, and it became effective as of the start of this month. The federal government program’s change will now impact millions of property owners. The Risk Rating 2.0 restructuring has revised the National Flood Insurance Program (NFIP), impacting the premiums of about 5 million policyholders.…

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Climate change is likely increasing flood insurance rates quite a bit this year

Increasing flood insurance rates - Flooding in neighborhood - shops & cars

The federal government is examining the cost of coverage on April 1, with data suggesting premium hikes. Much of the country is expected to see increasing flood insurance rates this year in order to cover rapidly rising costs resulting from climate change, according to new data that will create a substantial political struggle for the Biden administration. NFIP would need to raise its premiums by four times for covering high-risk homes in floodplains. The National Flood Insurance Program (NFIP) will need to send its premiums sky high in certain areas…

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Flood insurance program is still fishing in troubled waters

The Hurricane Irene flood damage has come at a bad time for the National Flood Insurance Program (NFIP) as Congress is currently debating the way in which the debt-strapped program will be overhauled when it expires on September 30. This looming expiry has real estate and insurance industry lobbyists saying that it is not likely that any long term agreement will be completed by lawmakers in time. For this reason, it is probable that the program will be extended over the short-term. One of the main issues being faced is…

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