California’s storms are almost over. Its reckoning with flood insurance is about to begin.
, so that people in flood zones paid more in line with their level of risk, and people outside wouldn’t have to subsidize them. . “We had been seeing a nationwide drop in the number of people with flood insurance [for several years],” said Nick VinZant, a senior research analyst at QuoteWizard, an online platform that allows customers to shop for and compare insurance prices. “It really started to drop as soon as FEMA put Risk Rating 2.0 in place.
FEMA does not provide zip code-level data on policies in force, so it’s difficult to confirm that the places where premiums rose the most are the same places where people dropped the NFIP. But most experts think that’s what happened. “FEMA was. The numbers they gave were limited, so it’s hard to track,” said Nicholas Pinter, a professor and associate director of the Center for Watershed Sciences at the University of California, Davis.
FEMA is running with the drought explanation. “There are many factors that could influence this drop in policyholders, including the economic impact of the pandemic, inflation, the housing market, affordability, or purchasing flood insurance from the private market,” David Maurstad, deputy associate administrator of resilience for FEMA, told Grist in a statement.
The national program tries to incentivize more flood-resilient building and planning by offering grants and lower rates to people and communities who take certain steps to protect their homes. But those investments can be costly and the agency has been criticized for not making enough support available and accessible.
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