The Hard Math of Flood Insurance in a Warming World

Thousands of homeowners in flood-prone parts of the country are going to be in for a rude awakening. On Oct. 1, new changes to the National Flood Insurance Program (NFIP), which offers government-subsidized policies for households and businesses threatened by floods, mean that businesses in flood zones and homes that have been severely or repeatedly flooded will start going up 25% a year until rates reach levels that would reflect the actual risk from flooding.  (Higher rates for second or vacation homes went into effect at the start of 2013.)

The Hard Math of Flood Insurance in a Warming World