Skip to Content

EXPLAINER: Flood insurance revamp aims for fairer rates

KIFI

By MICHAEL PHILLIS and SUMAN NAISHADHAM
Associated Press

U.S. officials are rolling out a new flood insurance program they say will more accurately calculate rates to reflect a home’s risk. The Federal Emergency Management Agency says the new pricing method will more fairly determine how much property owners pay to insure homes against flood. The first phase of the change goes into effect Friday and affects new policies. Existing policyholders will see changes in April. Some will see lower rates. For everyone else, prices will stay the same or go up. A relatively small number will see big changes, but rate increases are capped at 18% a year.

Article Topic Follows: AP National

Jump to comments ↓

Author Profile Photo

Associated Press

BE PART OF THE CONVERSATION

KIFI Local News 8 is committed to providing a forum for civil and constructive conversation.

Please keep your comments respectful and relevant. You can review our Community Guidelines by clicking here

If you would like to share a story idea, please submit it here.

Skip to content