New Flood Risk Model Puts 14.6 Million US Properties Under Substantial Risk, Nearly 70% More Than FEMA Counts
Trends from rising sea levels to outsized construction high-risk coastal zones are threatening the ability of the NFIP to maintain its flood insurance program, said R.J. Lehmann, finance, insurance and trade director at nonprofit public policy research organization R Street Institute.
He favors abolishing NFIP’s policy of grandfathering properties at lower rates when risk rises, and said he thinks the NFIP shouldn’t underwrite coverage on new construction in flood zones.
“If you can get private insurance, that’s your business. The government should not be providing any incentives to build there,” Lehmann said.
