GAO reportTo address concerns over potential flood insurance premium increases, the US Government Accountability Office (GAO) was asked to identify options for policyholders who may face affordability issues if charged with full-risk rate premiums. The GAO report describes options to target assistance to policyholders, estimates of eligible policyholders and associated costs of these options, and mechanisms for delivering assistance. They also reviewed literature on approaches for targeting and delivering assistance, interviewed 18 organizations familiar with flood insurance and officials from the Federal Emergency Management Agency (FEMA) and other agencies, and analyzed premium data from the National Flood Insurance Program (NFIP) and the most recent Census income data. Options for targeting assistance to subsidized policyholders who may experience difficulty paying full-risk rates for NFIP policies include assistance based on the income level of policyholders or geographic areas, setting premium caps, and basing assistance on the cost of mitigating the risk of damage to their homes. More information >>

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