We know that the new flood maps have been wrong, needlessly raising our elevations by a foot or more. Causing our flood insurance premiums to rise. But more importantly, the actuary rates on our flood insurance premiums are based on flawed data being supplied by the flood maps. (Garbage in = Garbage out).
What if FEMA’s Actuary Rates are as flawed as the flood maps?
Below is an request from the Florida Dept. of Insurance asking for “BASIC RATE-MAKING DATA concerning the acuary rates;
“The federal government should “collaboratively” share information on flood insurance rates that Florida suspects are unfair, the state’s top insurance regulator said in a letter Friday.
Florida Insurance Commissioner Kevin McCarty asked Craig Fugate, administrator of the Federal Emergency Management Agency, to provide specific information related to the National Flood Insurance Program’s rates.
The letter asks for basic rate-making data by Dec. 15, 2015.
As The Palm Beach Post reported, McCarty has already said the federal rates appear unfair and discriminatory, and wants data to help private insurers set rates and compete. The evidence suggests the national flood program has paid out only 28.3 cents in losses for every dollar in premiums collected in Florida from 1978 to 2012, McCarty said.
There was no immediate response from a FEMA spokeswoman.