Proposed Cut To Flood Map Program Could Trigger Insurance Rate Hikes

A proposal by the Trump administration to cut $190 million in funding for updating U.S. maps of flood-prone areas would trigger higher insurance rates or more homebuilding in risky locations, a consumer group said on Monday. Flood-mapping provides important details about where it is safe to build, whether flood insurance is needed and how to price coverage, Robert Hunter, director of insurance for the Consumer Federation of America, said in a statement. Slashing funding for the National Flood Insurance Program’s (NFIP) retooling of U.S. flood maps will lead to relying on old maps and construction in areas that are now flood prone, or hiking insurance premiums to pay for new maps, Hunter said.