Report: NFIP rates are likely to increase because of climate change

06/26/2013 | PropertyCasualty360

Climate-change trends could cause rates under the National Flood Insurance Program to increase to the point of being unaffordable for property owners in flood zones, according to a report commissioned by the Federal Emergency Management Agency. "The increase in loss cost estimates is significantly impacted by the current 'grandfathering' programs. As more policies become grandfathered because of increasing depth in [A zones] grandfathered policies may become a larger portion of the policy base," the report said.

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