FEMA’s new insurance system aims to make premiums fairer as climate change raises flooding risks

In Philadelphia, almost 45% of single-family policyholders should pay less for their insurance, according to anA timeline of Philly's Ida destruction

“This really makes it a much fairer system where people are paying based on the risks they are facing rather than everybody covering for everybody,” said Nick VinZant, senior research analyst at QuoteWizard by LendingTree. “A small house on a high hill that never floods is no longer going to be paying for the beachfront mansion.”

More homes are susceptible to flooding than people may think. Homes can flood in any place that gets rain, and the risk of flooding caused by rain is worsening. Most homeowners insurance does not cover damage from flooding. Communities also have built more homes in flood-prone areas, which increases the costs of flood damage.“The price of insurance should be a factor when communities, policy makers, are considering where and how to either develop, grow, or rebuild,” she said.

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