Local resident John Smith holds his 18-month-old son ahead of the arrival of Tropical Storm Nicholas in Galveston, Texas, US, on September 13 2021. Picture: REUTERS/ADREES LATIF
Amid worsening climate-fuelled floods, the Federal Emergency Management Agency is overhauling its insurance rules to better reflect the real risks facing homeowners like Romero.But lawmakers call the new scheme an “actuarial death spiral” that won’t fix long-standing inequities in the National Flood Insurance Program .
Fema estimates two in three existing policy holders will see an average premium increase of up to $10 a month and about a quarter will see immediate decreases. The new system is a step forward — though it fails to force people living outside designated flood threat zones, but who could still be at heightened risk, to buy insurance, said Nalan Senol Cabi, an expert in the field.
Fema is making the changes as officials struggle to keep pace with rising costs associated with extreme weather events. Federal assistance can be available for damage not covered by insurance — but people in high-risk zones who are uninsured and receive assistance after a flood might be required to buy insurance to receive aid in the future, according to Fema.
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