to more accurately reflect risk, but also make the program more solvent. It's a response in part to criticism that taxpayers were funding big payouts when coastal mansions in risky locations flooded.But nine senators from both parties expressed “serious concerns” about the new pricing system in a letter last September, after hearing that the agency's internal numbers predicted policies would drop off by 20%.
Risk Rating 2.0 will factor in a property’s unique flood risk — like its distance to water and cost to rebuild. The old system was based largely on a home’s elevation and whether it was in a designed flood zone. Most policy holders will now see their rates go up. But for the first time, nearly a quarter of policyholders will see theirs go down. Buyers of new policies began seeing the new prices in October.
“This report makes it crystal clear that FEMA failed to be transparent with policyholders, Congress, and ultimately the American public,” Menendez said in a statement. It shouldn’t have taken a records request for details to emerge, he said.When Francisca Acuña, a climate and community activist in Austin, Texas, was given a new quote, it was hard for her to believe.Acuña had previously paid $446 a year. Under Risk Rating 2.0, she was quoted $1,893. Rate increases that large are rare.
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