Federal flood insurance rates are changing at Whatcom. Up or down? it depends on who you are [The Bellingham Herald (Bellingham, Wash.)]

April 14—If you are a whatcom If you are a resident with flood insurance through the federal government, your rates will most likely change over the next year.

For some, that will mean paying more than $100 less per month, while others should expect price increases between $40 Y $50 one month. Most residents will fall somewhere between those two extremes.

These changes are happening because the Federal Emergency Management Agencyeither FEMA, is reviewing the method it uses to calculate how much property owners should pay for flood insurance. While the federal agency for decades has primarily based rates on two factors: an area’s flood risk and the property’s elevation, it can now take into account a number of variables through a new methodology called Risk Rating 2.0. .

“In the past, we crammed everyone into large areas,” he said. scott van hoffthe regional flood insurance liaison for from FEMARegion 10what includes Washington, Alaska, Oregon Y Idaho. “Low-value houses paid too much for insurance and high-value houses paid too little. Low-value houses subsidized high-value houses.”

Residents will now pay a monthly rate that is more individualized and reflects the real risk and value of their structure, he said. Risk Rating 2.0 takes into account details such as how often an area floods, the distance from a water source, the elevation of the structure, the cost of rebuilding, and what types of flooding are likely (such as river overflow , heavy rain or storm surge along the coast).

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