ecoRI News: For Many On Coast, Climate Crisis Means Rising Insurance Rates
By CAITLIN FAULDS/ecoRI News staff
The country's largest flood insurer is changing how it analyzes flood risk, and it could signal a reckoning for coastal communities.
Next month the National Flood Insurance Program (NFIP) will switch from flood-map-based risk analysis to Risk Rating 2.0: Equity in Action. The new pricing methodology will take into account more flood risk variables and, according to the Federal Emergency Management Agency (FEMA), will result in insurance rates that are more equitable and more agile in the face of the climate crisis.
Courtesy of ecoRI News