Blog: Innovative approaches for flood insurance affordability
People have been asking if Hurricane Ian will push the National Flood Insurance Program (NFIP) into an affordability crisis? Some argue the NFIP is already there. Two weeks ago, the Greater New Orleans, Inc.’s Coalition for Sustainable Flood Insurance (CSFI) reported that NFIP’s new pricing strategy makes NFIP insurance premiums unaffordable. The report’s authors assert that increasing NFIP premiums and fees will lead to fewer households with flood insurance, and recommend slowing premium increases until an affordability program can be developed and funded. An examination of historical NFIP purchases by California households supports this assertion.
Related articles:
- Appeal-Democrat: ‘We were simply lied to’: SBFCA responds to concerns raised by Yuba City property owners
- ABC 10- Sacramento: How River Partners is preparing for flooding despite current drought
- Napa Valley Register: Napa has faced the megaflood before — in 1862