Federal flood insurance rates changing and policy owners could feel the pinch

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Airdate: Tuesday, October 12, 2021

Changes are coming to the way flood insurance rates are determined under the Federal Flood Insurance Program, which could raise rates significantly for some policy owners.

The Federal Emergency Management Agency administers the program for the Federal government and they contend that changes to the pricing method will mean that policy prices will be more fair, particularly for lower-cost properties.

The new pricing method is known as Risk Rating 2.0 and it took effect on October 1. People living in areas vulnerable to hurricanes and heavy rain, often along the coasts, are most affected by the change.

Joining Smart Talk Tuesday to share how consumers could be impacted here are Rich Sobota Insurance Specialist, FEMA Region 3 and David Buono, Acting Pennsylvania Deputy Insurance Commissioner, Office of Market Regulation.

 

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