As Congress debates how to manage flooding and pay for damages, a federal agency plans to change the way flood insurance rates are calculated. It'll affect how much homeowners pay in premiums. And it may reduce the burden on taxpayers who frequently have to bail out the National Flood Insurance Program.
Michelle O'Neill reports next year,* the program will implement what FEMA officials call, Risk Rating 2.0.
For decades, the Federal Emergency Management Agency has based flood insurance rates on one factor - whether a home is located in or out of a flood plain.