FEMA’s new flood insurance program kicks in Friday, but how the new system actually works is murky.
Thousands of Connecticut homes have been repeatedly damaged by flooding due to storms. costing the government millions in insurance claims. The losses are now causing some to question the wisdom of policies that encourage rebuilding. They say that with climate change, those properties will grow more vulnerable and money would be better spent moving people out. So far, however, few homeowners are interested.
Just over a year after shoreline politicians along with a panicked real estate industry and homeowners fought successfully to roll back scheduled dramatic increases in National Flood Insurance Program rates, most of them are back in only slightly modified form. As policies renew, shoreline homeowners are likely to face a new round of sticker shock, their penalty for living in flood zones.