We are two months into hurricane season and that means many property owners in some parts of the country are bracing for potential heavy flooding.
Now a new watchdog report is revealing the federal government’s flood insurance program isn’t affordable for some people who need it.from the U.S. Government Accountability Office looked at FEMA’s National Flood Insurance Program .
The findings explain that some policyholders may have seen their premiums go up or change because of a rate system change FEMA made in 2021. “What FEMA has done has been a good step in the right direction of making the program more solvent because it’s very in debt at the moment and more actuarially sound but there’s more that needs to be done to really complete the process and some of that are steps that Congress needs to take as well as other steps that FEMA still needs to take,” said Cackley.
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