PropertyCasualty360.com editor's note: The above slideshow reveals the states where at least 80% of policyholders are expected to see premium increases starting April 1, 2022, according to the Redfin report cited in the following Bloomberg article.
(Bloomberg) --When the Federal Emergency Management Agency (FEMA) rolled out a major overhaul to its beleaguered National Flood Insurance Program last April, it promised that bigger, richer homes would bear the brunt of premium increases, while almost 90 percent of policyholders would see their costs stay stable or decrease.
But as the program goes into effect this month for existing policyholders, more than 80 percent of those homeowners are set to see rates climb and those gains will be spread largely evenly among rich and poor areas, according to a report from the real estate firm Redfin. The report also found that "majority-Hispanic" neighborhoods are more likely to see their flood-insurance premiums rise than any other major ethnic or racial neighborhood group, with 84% of policyholders facing increases.
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