Insurance analysts say thousands of homeowners living near water will pay much higher premiums to protect their homes from flooding as new data shows greater risk of flooding.
Under FEMA’s new Risk Rating 2.0 calculations Solis and many of her neighbors, who never needed to buy flood insurance in the past, suddenly have to pay for policies, according to FEMA’s new flood maps.
In the past, smaller homes further away from water often subsidized the cost of flood insurance for beach front mansions. Under the new Rating System 2.0, living on the water could mean much higher flood insurance payments. A recently released report by NOAA, the National Oceanographic and Atmospheric Administration, predicts that by the year 2050, there will be about ten times as many damaging floods as there are now. “We’re looking at the building's distance to the flooding source.
While most people are accustomed to paying into insurance and not filing claims, Schaefer is convinced that the current system is short-changing California. “Over the long term, you should kind of equal out” she said, “that’s kind of why we have discounts for older drivers and people who are younger drivers pay more.”As such, Schaefer proposes that California residents walk away from the NFIP to start their own, community-based plans.
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