Adjustment In FEMA Risk Ratings Could Drown Southern Florida’s Economy

With FEMA set to make changes to the NFIP, a Miami-based lawyer is warning that a sudden and sharp increase in insurance premiums could financially ruin all of South Florida even before a flood hits. A spokesperson for FEMA confirmed last week that the agency plans to announce a risk-rating “redesign” next year that would allow FEMA “to better reflect the resilience and vulnerability of homes and other structures covered under the NFIP.” Wayne Pathman, managing partner of Pathman Lewis in Miami, believes that FEMA’s so-called “risk-based assessments” will result in the cost of flood insurance rising to that of wind-storm insurance — or even more — in the next five to 10 years.