FEMA implements new flood insurance rates based on climate risks

The Federal Emergency Management Agency’s (FEMA) updated flood insurance rates that account for climate change are taking effect, a move that will increase insurance prices for some homeowners to better reflect the risks of living in areas more prone to flooding from climate change. The National Flood Insurance Program’s (NFIP) new rating methodology will affect new homeowner policies beginning Oct. 1, as well as those who choose to opt in to decreased rates when their policies renew. Remaining policies renewing...