“We are putting equity at the forefront,” Secretary Mayorkas said.
The Federal Emergency Management Agency (FEMA) set out changes to the National Flood Insurance Program that it says will be aimed at being more equitable.
A fact sheet from the agency said that it will be able to do this by calculating premiums based on home value and flood risk, with more expensive homes potentially costing more to insure.
The agency said that people with lower-valued homes are currently “paying more than their share of the risk,” while those with higher valued homes are paying “less than their fair share.”
In a statement, Homeland Security Secretary Alejandro Mayorkas said, “We are putting equity at the forefront of our work at DHS and making reforms help our nation confront the pressing challenges caused by climate change.”
Changes will go into effect for new policies on October 1 and for renewals on April 1, 2022. It is the first update to flood insurance rating and pricing in 50 years.
As the Lord Leads, Pray with Us…
- For the DHS secretary to seek God’s guidance as he leads his department.
- For FEMA officials as they implement new flood insurance guidelines.
- For Americans who live in zones where federal flood insurance is essential.
Sources: The Hill, Reuters, Forbes
