Although the update, dubbed Risk Rating 2.0, will increase premiums for many policyholders, existing caps on annual rate growth are still in effect. As a result, most homeowners won't see year-over-year growth that exceeds 18%. (Credit: Scott Saltzman) Although the update, dubbed Risk Rating 2.0, will increase premiums for many policyholders, existing caps on annual rate growth are still in effect. As a result, most homeowners won't see year-over-year growth that exceeds 18%. (Credit: Scott Saltzman)

Under the revised National Flood Insurance Program (NFIP), 3.8 million homeowners are expected to see their insurance costs increase, according to ValuePeguin.com.

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Steve Hallo

Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]