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In late June, Susan Gregory received an estimate for a new homeowner’s insurance policy on her 120-year-old St. Augustine, Florida property, after her previous insurer, United Property and Casualty, went insolvent earlier in the year. “It can’t be my forever home if I can’t afford it.”
The program helped a generation of Americans purchase their first home, however, due to a government policy known as “red-lining,” banks were effectively prohibited from issuing FHA-insured loans in neighborhoods that were predominantly Black or Hispanic. They are counting on someone to buy their home at a fair price when they retire.
Insurers are increasingly exposed to the climate crisis and are currently under-charging premiums by about 58% to at-risk property owners, the report states. or 4% of the population – live in high-flood-risk areas, but FEMA maps used by the insurance industry are often out of date, including 11% of them last updated in the 1970s and ‘80s.
After years of stops and starts, housing trade groups are urging Congress to pass a long-term extension to the National Flood Insurance Program. Image generated by AI in Midjourney) It is unsurprising that the National Flood Insurance Program (NFIP) is yet again up for renewal in a little over a month’s time.
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