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FEMA releases 'Affordability Framework for the National Flood Insurance Program'

from IAEM

FEMA has released an affordability framework, as required by the Homeowner Flood Insurance Affordability Act of 2014 (HFIAA). The framework, titled “An Affordability Framework for the National Flood Insurance Program,” provides the first-ever data-driven analysis of policyholder and potential policyholder incomes by flood risk and home ownership status. The framework suggests that both policyholders and non-policyholders with the lowest median incomes live in the highest hazard areas. The framework proposes several options for developing an affordability program for flood insurance and offers models of the costs of each option. Within this study, FEMA developed an affordability framework that proposes programmatic and regulatory changes to address affordability of flood insurance sold under the NFIP. FEMA followed a multi-pronged approach to include both quantitative and quantitative data and analyses. more

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