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To emphasize flood insurance costs, senator cites reverse mortgage borrower

With flood insurance premiums commanding ever-higher prices, a U.S. senator recently described a hardship faced by a constituent who endured challenges with higher flood insurance costs while keeping a reverse mortgage in good standing.

The Federal Emergency Management Agency (FEMA) implemented a new flood insurance pricing methodology in late 2021 called “Risk Rating 2.0,” which was designed to price each home individually as opposed to lumping them together in “flood zones.” Advocates say this method more accurately uses modern insurance technologies and standards and makes equitable outcomes more possible.

But some lawmakers believe that details ⇒

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