The federal government is revising rates for flood coverage on April 1. New data suggests premiums need to increase sharply for some homes.
WASHINGTON — The cost of federal flood insurance will need to increase significantly in much of the country to meet the growing risks of climate change, new data suggests, creating a political headache for the Biden administration.
The National Flood Insurance Program, which provides the vast majority of United States flood insurance policies, would have to quadruple premiums on high-risk homes inside floodplains to reflect the risks they already face, according to data issued on Monday by the First Street Foundation, a group of academics and experts that models flood risks.
By 2050, First Street projected, increased flooding tied to climate change will require a sevenfold increase. Continue reading.