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FEMA Risk Rating 2.0 could spike flood insurance rates

Published: Oct. 6, 2021 at 9:29 PM CDT
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PANAMA CITY, Fla. (WJHG/WECP) - Homeowners in flood-prone areas could see their insurance rates skyrocket as FEMA revamps its flood insurance program.

After a year of flooding and billions of dollars in damage across the country, FEMA created a new risk mapping system. Risk Rating 2.0 incorporates more variables such as frequency, flood types, storm surge, and heavy rainfall.

These changes mean about 80% of existing policyholders will see higher flood insurance bills.

It’s something Senator Marco Rubio has asked the Biden Administration to delay.

“And I’m starting that before we put that in place and before we force people to do that let’s, let’s reexamine that science to make sure that this is not some temporary thing that people are facing. And more importantly, to give people some time that at least adjust to that because that’s a huge thing to hit People with overnight,” Rubio said.

FEMA 2.0 would go into effect next spring for existing National Flood Insurance Program holders.

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