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Although the update, dubbed Risk Rating 2.0, will increase premiums for many policyholders, existing caps on annual rate growth are still in effect. As a result, most homeowners won’t see year-over-year growth that exceeds 18%. (Credit: Scott Saltzman) Although the update, dubbed Risk Rating 2.0, will increase premiums for many policyholders, existing caps on annual rate growth are still in effect. As a result, most homeowners won’t see year-over-year growth that exceeds 18%. (Credit: Scott Saltzman)

Under the revised National Flood Insurance Program (NFIP), 3.8 million homeowners are expected to see their insurance costs increase, according to ValuePeguin.com.

A majority of policyholders — 80% or more — in Hawaii, Texas, Mississippi, West Virginia, Florida and Louisiana are expected to see premiums increases, the site reported.

Steve Hallo

Steve Hallo is an assistant editor with PC360 Group. Prior to his current position, Steve spent nearly a decade covering retail transformation, consumer trends, manufacturing issues and supply chain challenges impacting global CPG markets. He can be reached at [email protected], and on LinkedIn and Twitter.  

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