FEMA To Update Flood Insurance Rates Using Climate, Equity Factors

The Federal Emergency Management Agency (FEMA) is planning to overhaul the rates used for federal flood insurance, incorporating a mix of factors to better assess risks for individual properties including the increased frequency of floods due to climate change, an effort that may partially address calls from Congress’ watchdog. FEMA in an April 1 fact sheet on the forthcoming rate overhaul says it will adjust rates to account for the cost to rebuild homes, arguing this will address long-standing inequities...