Flood Insurance Rates To Be Reduced For Some Utahns
Federal Emergency Management Agency (FEMA) officials announced they would be changing the way FEMA calculates rates for the National Flood Insurance Program. This means that several Utahns will be paying less.Former FEMA administrator during the Obama Administration Craig Fugate says the program is called Risk Rating 2.0 because they wanted to start “being more fair and equitable.”
Fugate says rates are now calculated for each Utah household instead of everyone paying a similar risk rate. The rate depends on where you live and how much risk is associated with that area. He also says the agency is planning on adding new factors to calculate rates such as cost of rebuilding.
Fugate says for the past several years, Utah has been paying more than its fair share in flood insurance. He says about 46% of Utahns should see their flood insurance rates go down, while a small group should expect to see their rates go up a bit.