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Wilmington North Carolina - USA / September 14, 2018. Downtown Wilmington begins to flood from storm surges. Visitor center on the foot of Market and Water St covered half way with flood waters. “In every special flood hazard area, there are numerous 50-year flood zones and 10-year flood zones, but you can buy rates that assume a 100-year flood risk. These become repetitive loss properties,” Poulton explains. Repetitive loss structures account for around 3%-4% of the NFIP’s population, but generate close to 30% of its losses. (Credit: Shutterstock.com)

From 2014-2019, rates for the National Flood Insurance Program (NFIP) declined 9%, falling well below the 5% annual increases mandated by Congress, according to a review of NFIP data by Poulton Associates, LLC and HazardHub.

Community discounts were a major propeller of the rate decline, among other factors.

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Steve Hallo

Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected].  

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