FEMA Report: Flood Insurance Hikes Will Drive 1 Million From Market

By | July 25, 2022

  • July 25, 2022 at 2:14 pm
    Oh Goody says:
    Well-loved. Like or Dislike:
    Thumb up 10
    Thumb down 0

    The price increased and demand decreased. Who could have seen that coming?

    • July 25, 2022 at 2:57 pm
      PolarBeaRepeal says:
      Like or Dislike:
      Thumb up 6
      Thumb down 4

      Certainly not Janet Yellen and her boss.

  • July 25, 2022 at 4:24 pm
    Jeff Jenkins says:
    Like or Dislike:
    Thumb up 1
    Thumb down 3

    FEMA the most inept organization in the country.

  • July 25, 2022 at 5:26 pm
    reality bites says:
    Like or Dislike:
    Thumb up 5
    Thumb down 1

    FEMA has updated its flood insurance program to more accurately reflect risk, but also make the program more solvent.

    Like any other insurer or provider, NFIP isn’t supposed to run at a loss. Those who cannot afford it will have to make a broader decision as to whether it is sane to buy a house in an exposed zone. And with sea levels rising and flooding more frequent, if the Plan isn’t updated now, no one will benefit. And those who opt out can forget the handouts.

    • July 26, 2022 at 7:07 am
      SWFL Agent says:
      Like or Dislike:
      Thumb up 3
      Thumb down 0

      Your comments are correct however the issue is the rating method and rules in 2.0. With a new home purchase, the fact that the new policy rate is affected by whether or not the prior owner had an existing policy is ridiculous. If FEMA’s goal is to encourage participation, this UW’ing variable is not the way to accomplish it. The NFIP would have a better chance of profitability if they could do a better job of accurately determining flood zones. I have to question their accuracy when such a large percentage of flooding occurs in the low risk zones.

    • July 26, 2022 at 8:31 am
      Interesting says:
      Like or Dislike:
      Thumb up 1
      Thumb down 1

      If you look at the history of the program you will find that premiums collected would have paid for 100% of flood claims. FEMA has about 2,000 employees that are funded with the premiums that don’t do anything in the program. Private sector writes policies and provides claim services when needed. Goberment 101…Lied to congress/American public and what are the results for the lies? Probably a promotion…….Civil servants lying to COngress is like you doing that to your boss…….

Add a Comment

Your email address will not be published. Required fields are marked *