FEMA Changes to Flood Insurance Pricing Cause Coverage Increases Downstream for Area Residents

flooded building
Image via Collegeville Fire Company.
The damage caused by Hurricane Ida has led FEMA to increase flood insurance rates regionwide.

Changes made by the Federal Emergency Management Agency (FEMA) in its flood insurance pricing structures will soon have area homeowners digging deeper into their wallets. Taylor Allen waded through the particulars for AXIOS Philadelphia.

The news comes as Philadelphia and surrounding counties continue to recover from the flooding caused by Hurricane Ida.

FEMA’s new pricing system, which came into effect on October 1, means that a substantial part of the region’s policyholders will have to pay an extra $1-$10 premium per month. Subsets of insured homeowner will see even higher increases of up to $100 per month.

The suburban breakdown is as follows:

Bucks67 percent
Montgomery59 percent
Delaware36 percent

The news is especially worrisome as Pennsylvania is already the fourth most expensive state in the country for flood insurance. Protection against deluges of rainwater cost Keystone State residents $1,326 a year on average, well above the national median of $958.

The new FEMA cost structure incorporates factors like flood frequency, flood types, and distance to water when determining the risk.

Read more about the flood insurance increases at AXIOS Philadelphia.