![]() ![]() This number is roughly the same as the share of residents in low-income neighborhoods who are also experiencing premium increases. The revised methodology aims to be more equitable in distributing premiums by taking into account a wider number of factors, such as the value of an individual home and the cost it would take to rebuild it.īut in the early days of the new policy’s rollout, only 76% of policyholders in high-income areas are seeing premium hikes, according to the Redfin report, below the 81% national average. Marco Rubio (R-Fla.) said at the time.Ī key goal of the revised flood-insurance plan was for it to become more equitable and easier to understand, ensuring that low-income and minority neighborhoods would not be saddled with disproportionately higher premiums than wealthier areas. “People are going to be shocked at the impact it’s going to have on insurance rates,” Sen. Lawmakers and senators from coastal states at the time expressed concern over a potential “ actuarial disaster,” given the complexity of the proposed changes and how higher insurance rates would affect homeowners in their constituencies. Other states prone to flooding, including Mississippi, Louisiana, and Alabama, are also seeing premiums rise for more people than the national average. In both Florida and Texas, nearly 90% of flood-insurance policyholders are seeing their premiums rise, Redfin analysts found, well above the national average of 81%. The Federal Emergency Management Agency (FEMA) is revising how it evaluates flood risks, and flood-insurance premiums are beginning to reflect that. And most of these homeowners are located in parts of the country that are particularly at risk of flooding and storm surge. will see their flood-insurance premiums rise this month, according to a new report by online real estate firm Redfin. Nearly 3 million homeowners across the U.S. In both Florida and Texas, nearly 90 of flood. They were the two most popular states people wanted to move to, according to a survey by national relocating company, and several Floridian and Texan cities are topping the charts for population and economic growth this year.īut homeowners in these states may be in for a rude surprise soon, as their shared flood-prone geography is pushing insurers to raise their prices fast. The Federal Emergency Management Agency (FEMA) is revising how it evaluates flood risks, and flood-insurance premiums are beginning to reflect that. Florida and Texas were prime destinations for new homeowners in 2021. ![]()
0 Comments
Leave a Reply. |
Details
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |