Flash flood of common sense
Climate change producing rising sea levels and more frequent and violent storms has produced a badly needed change in climate regarding flood insurance.
The
Multiple analyses in recent years have shown that the
program's coverages and rates do not represent reality on
the ground.
One problem has been that people with relatively low-value properties in low-risk areas pay rates that subsidize people with more valuable properties in higher-risk areas. In the Northeast, one of the prime examples involved people in the interior of
Under a new rating system, that most people will experience with policy renewals this month, premiums no longer will be based on regional flood zone maps. They will be based on features of individual properties, including proximity to coastlines or rivers.
According to a
The new system far more closely reflects actual risk, which is how insurance is supposed to work.
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