A new report commissioned by the Federal Emergency Management Agency raises the question of whether climate change will make the cost of flood insurance unaffordable for many people by the end of the century.
Unless current trends revealed by the report are not slowed or reversed, people may have to adjust where they live due to the cost of flood insurance, according to Stuart Mathewson, a member of the American Academy of Actuaries' Flood Insurance Subcommittee who has studied flood issues.
It also likely means that the current policy of grandfathering existing rates for many customers affected by changes in flood plains will have to be modified, the actuary adds. Without changes, homes in flood zones could become completely unaffordable.
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