FEMA's flood insurance program is implementing a new rating system. Premiums for most Florida homes are set to rise
Risk Rating 2.0 is the first major change to the National Flood Insurance Program since the 1970s.
This week, we learn about changes to the National Flood Insurance Program and the impacts to Floridians.
Most homeowners who have flood insurance have a policy through the NFIP, a federal government-run program. But as storms have become increasingly intense and destructive since the 2000s, the program has gone severely into debt. It now owes billions of dollars.
So the goal of the new Risk Rating 2.0 system is to help eliminate some of that debt. But that means higher insurance premiums in the coming years for most policy holders in Florida, and that is prompting a lot of pushback.
To understand Risk Rating 2.0 and its future ripple effects, host Steve Newborn talks with Jake Holehouse, president of HH Insurance in St. Petersburg, and Brendan Rivers, an environmental reporter for WJCT in Jacksonville.
You can listen to Steve’s full conversations with Holehouse and Rivers by clicking on the “Listen” button. Or you can listen to the WUSF app under “Programs & Podcasts.”