Despite updated FEMA flood maps that place millions of additional properties in high-risk zones, flood insurance purchase rates remain stubbornly low. Only about 30 percent of homeowners in newly designated areas have obtained policies so far.
The National Flood Insurance Program has introduced a new rating methodology called Risk Rating 2.0, which bases premiums on individual property characteristics rather than broad zone designations. While some homeowners see lower rates, others face significant increases.
Housing counselors urge all homeowners to assess their flood exposure, noting that standard homeowners policies do not cover flood damage.
