Most people in
The agency revised the way it underwrites flood risks across the country, with the changes taking effect on
Existing customers with lower-valued homes have been paying too much for flood insurance, according to the agency's website, and those with higher-valued homes have paid too little.
The average customer currently buying flood insurance through the NFIP pays
New customers' policies will begin under the new system, Friedlander said. But existing customers won't see a change in their rates until after
* 43% will see a decrease in their premiums.
* 48% will see an increase up to
* 5% will see an increase up to
* 4% will see an increase greater than
While private companies that offer flood insurance charge higher rates because they better assess that risk, Walker said,
But also the flooding risk across
Foods inevitably follow in wildfires' wake, and wildfires in
Because the threat of floods increases due to burn scars left by wildfires, those areas are specifically included on the Colorado Flood Threat map, according to
"It's very tailored to your specific risk at your specific home," he said.
The more people who buy flood insurance, the lower the rates are likely to go, Walker noted. If you don't have flood insurance, you end up depending on emergency grants from