Flood insurance revamp promises fairer rates, improved coverage for Houstonians

A revamped U.S. flood insurance program going into effect this month will charge rates the federal government says better reflect a home’s risk, a change that could mean higher premiums for coastal mansions and — for the first time — reduced rates for others.

The Federal Emergency Management Agency says its new formula means owners of lower-cost homes will no longer be subsidizing the flood risk for pricier, waterfront properties.

“This is about fairness,” says Craig Fugate, former FEMA administrator under President Barack Obama. “People should be paying what their risk is.”

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