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Federal Flood Insurance Premiums Far From Keeping Up With Expected Losses
Given the threat of sea-level rise, NFIP policymakers should rethink policies that encourage development in flood-prone regions, according to the Washington, D.C. think tank R Street.
R Street has proposed that the NFIP cease writing coverage for new construction in 100-year floodplains and that NFIP rates for any new construction should be adjusted to reflect future changes in assessments of flood risk. The study, Do No Harm: Managing Retreat By Ending New Subsidies, says that climate change will exacerbate the financial problem, as sea-level rise turns what once were 1-in-100-year floods into 1-in-10-year or even annual floods.
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