An article in the New York Times published earlier this week predicted flood insurance rates in flood-prone areas will soon quadruple. Mark Friedlander, the Director of Corporate Communications at the Insurance Information Institute, said that will not happen – at least not for the 90 percent of people who buy National Flood Insurance Program policies.
“In some cases, yes, there could potentially be quadruple rate increases over a very long period. Because the way risk rating 2.0 works is they could only raise rates by 18% a year. That’s the cap that was passed by Congress.”
