Congress is under pressure to subsidize flood insurance costs for low-income households after the federal government announced last week that it would increase flood insurance premiums for millions of homeowners.PropertyLegislation & Regulation
Of the 5 million properties insured by the National Flood Insurance Program, about 3.9 million soon will see a hike in premiums—and 200,000 substantially so.
The new rates will go into effect in October for new policyholders and April 2022 for homeowners renewing policies (Climatewire, April 2).
‘An affordability plan is still needed,’ said David Maurstad, the Federal Emergency Management Agency official in charge of the program. FEMA manages the National Flood Insurance Program.