“In just two or three years, Congress may change the way it sets rates in the Federal Emergency Management Agency’s National Flood Insurance Program (NFIP) to reflect more realistic assessments of risk, including the expected impacts of sea-level rise.
According to the chair of Miami’s Sea Level Rise Committee, FEMA officials believe the largest provider of flood insurance in the United States will be aligning the cost of premiums much closer to the heightened risks of flooding. And that the changes will come sooner than many expect.
Indicating that change is in the air, a FEMA spokesperson said Friday that the agency plans to announce a risk-rating “redesign” next year that “will allow us to better reflect the resilience and vulnerability of homes and other structures covered under the NFIP.” It would begin in 2020.
“This is a big game-changer,” Wayne Pathman says.”
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