Bowen's Wharf, Newport, 10/29/12
RI FLOOD INSURANCE UPENDED
Flood risk across the country, particularly in coastal areas like Newport, RI is on the rise. The Beggert-Waters Act of 2012, resulted in the redrawing of all flood insurance rate maps to reflect current elevated risks. As a result, some properties that have never needed flood insurance are now in high risk zones, some properties are no longer insurable at all, and flood insurance rates are skyrocketing.
WHY IS THIS HAPPENING?
The Federal Government's flood insurance program has lost $19 billion in recent years. To continue to have a viable flood insurance program, the government plans to make those who have the risk pay for it. As a first step, all of the flood maps are being…
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