AND SUSTAINABILITY DESIGN
The National Flood Insurance Program, which provides most of the flood insurance to homeowners, is increasing rates at 18 percent per year to reflect the actual risk of flooding.
While this impacts everyone, it can be
devastating to low-income people.
When a lender considers a higher
insurance premium over the life of the loan, it could keep the would-be buyer
from qualifying.
Even for longtime homeowners who have
paid off their mortgage and seen decent appreciation of their value, spiraling
insurance rates may force them to drop coverage they cannot afford.
