Flood insurance premiums figure to increase for thousands of Connecticut residents when the federal government implements a new rate system, some by as much as $100 per month – but most by up to $10 monthly.
The Federal Emergency Management Agency estimates that more than 22,000 state residents will see their premiums rise, though preliminary data show that rise will be small, the New Haven Register reported.
The new system began Friday and will affect new policyholders initially. Existing policyholders should see the new rates by April. About 80 will see increases of more than $100 per month, according to the newspaper.
Connecticut has seen increased flooding in recent years from smaller creeks and rivers, in addition to flooding from overwhelmed street drainage systems. FEMA’s algorithm used to calculate flood risk hasn’t been updated in 50 years, Diane Ifkovic, Connecticut’s state National Flood Insurance Program coordinator, told the newspaper.
Some members of Congress have asked FEMA to pause the implementation of the new system over concerns about affordability, though no members of Connecticut’s delegation signed a letter requesting the delay.
Topics Flood Connecticut
Was this article valuable?
Here are more articles you may enjoy.
Let Good Adjusters, Not Expensive Lawyers, Make the Difference on Claims, CEO Says 
Cyber Insurance Market ‘Stable’ With Potential for Growth, Says AM Best 
GEICO Tops Progressive With Higher J.D. Power Scores 
Big ‘I’ Report: Independent Agency Channel Placed 62% of Premiums in 2023 
