National Flood Insurance Program Working on Affordability
National Flood Insurance Program customers who want to pay on an installment basis will have a while to wait because the agency will have to go through a notice-and-comment process before creating them.
Moreover, the Federal Emergency Management Agency has started work on studies about program affordability, privatization and reinsurance, three of the 16 studies it is mandated to undertake under the July 2012 legislation intended to provide long-term certainty for the NFIP.
These include higher premiums for those in areas hit by Sandy who will be required to elevate their properties in order to retain their existing rates.
But, Connor said, dropping out of the program won’t work because flood insurance in areas prone to flooding is required for those who have federally insured mortgages.