Homeowners with flood insurance will likely be seeing their rates go up starting April 1 under FEMA’s new risk pricing.
Risk Rating 2.0 is the National Flood Insurance Program’s new model for more accurately calculating flood risk and how much homeowners should pay insurance. It takes into account several factors like the cost of the home, how often it floods, elevation and proximity to water. It also accounts for new factors like rainfall and ocean surge.
Most homeowners on Long Island will see their annual premiums go up about $10 a month. Connecticut homeowners will see the largest share of sharp increases with 11% of homes facing increases of $100 a month or more.
