"In every special flood hazard area, there are numerous 50-year flood zones and 10-year flood zones, but you can buy rates that assume a 100-year flood risk. These become repetitive loss properties," Poulton explains. Repetitive loss structures account for around 3%-4% of the NFIP's population, but generate close to 30% of its losses. (Credit: Shutterstock.com)
From 2014-2019, rates for the National Flood Insurance Program (NFIP) declined 9%, falling well below the 5% annual increases mandated by Congress, according to a review of NFIP data by Poulton Associates, LLC and HazardHub.
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Steve Hallo
Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]
