Flood premiums are about to flood America, esp. Florida

Visual: Singdhi Sokpo

The National Flood Insurance Program — created in 1968 — provides flood insurance for 3.4m US homes, with a $739 average annual premium.

In 2019, FEMA said it would adjust subsidized rates based on a more realistic “Risk Rating 2.0.” Those changes start to take effect this month.

The goal: Nudge people toward less flood-prone areas to protect against the economic and human cost of flooding.

But new costs for insurance will be deep, especially in Florida, where 12.5k homes will see rates increase anywhere from $360 to $1.2k+.