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Witnesses warn NFIP 'Risk Rating 2.0' lacks transparency and could price some homeowners out
Summary
GAO and other witnesses told the panel that FEMA’s Risk Rating 2.0 changes to the National Flood Insurance Program increase the need for transparency; without clear algorithms and supplemental assistance, higher premiums could be unaffordable for some households.
Lawmakers and witnesses raised concerns about transparency in FEMA’s Risk Rating 2.0 changes to the National Flood Insurance Program (NFIP) and the potential financial impact on homeowners.
A panel witness summarized the program’s intent and tradeoffs: risk‑based pricing aims to align premiums to individual property risk, but the NFIP remains deeply indebted and policy choices will determine whether premiums…
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