FEMA Offers Two Year Reprieve for those in Newly Mapped Flood Zones
Sen. Dick Durbin of Illinois announced the Federal Emergency Management Agency’s (FEMA) decision to offer lower rates on properties affected by changes to the newly revised flood hazard maps - at least for two years.
FEMA has agreed to offer up to two years’ eligibility for the National Flood Insurance Program’s Preferred Risk Policy — the program’s lowest-cost option — to small businesses and homeowners on any land the new maps show are in newly designated special flood hazard areas. The new rates are available after the redrawn maps take effect, in many cases this fall or early next year.
The longterm plan is to upgrade levees.