The new federal flood insurance

Hundreds of thousands of Americans will have to pay extra to support their homes on the coast and flooded areas under new rules released by the Federal Emergency Management Agency (FEMA) on Thursday., Updated first to its charge system in half a century. The agency said that, next year, it will launch a charter program that reflects a periodic change in the National Infrastructure Insurance Program (NFIP), set up in 1968 to cover properties in those areas. Corp. Insurance Technologies. (ITC) supported. New revenue will depend on the amount of property, flood risk and other factors, but only the rise of resources in the flood area. They will start in October. 1, 2021, for new policies and April 1, 2022, for others, FEMA said. NFIP Federal Flooding Initiative Expect Expectations NFIP currently provides $ 1.3 billion in funding through more than $ 5 million in cooperation in the US, but is losing money over the years and currently owes $ 20.5 billion in debt. The new law will mean a significant increase in transportation costs in the rich coastal region, said Jeremy Porter, head of research and development at Foundation Street First, a non-profit organization based on the Brooklyn-New York flood risk assessment. Floodnye charges based on the water sector are now “relief for the people,” Porter said. Under the new FEMA program, “pricing depends on your region.”

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