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AP National

EXPLAINER: Flood insurance revamp aims for fairer rates

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Published 9:13 AM

By MICHAEL PHILLIS and SUMAN NAISHADHAM
Associated Press

U.S. officials are rolling out a new flood insurance program they say will more accurately calculate rates to reflect a home’s risk. The Federal Emergency Management Agency says the new pricing method will more fairly determine how much property owners pay to insure homes against flood. The first phase of the change goes into effect Friday and affects new policies. Existing policyholders will see changes in April. Some will see lower rates. For everyone else, prices will stay the same or go up. A relatively small number will see big changes, but rate increases are capped at 18% a year.

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