Real Estate

FEMA overhauls National Flood Insurance Program for climate change

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Flood waters stream down the road in Muhlenberg Township, Pennsylvania, after a major storm last August.

Ben Hasty | MediaNews Group | Getty Images

Climate change and its devastating impact are accelerating faster than ever, according to a new report from the United Nations’ Intergovernmental Panel on Climate Change. Hurricanes are becoming stronger, rainfall heavier and flood risk higher. Yet, America’s National Flood Insurance Program hasn’t changed at all since its inception.

But it is about to.

Under the current program, the Federal Emergency Management Agency provides $1.3 trillion in coverage for more than 5 million policy holders in 23,500 communities nationwide. Homeowners in…



Source cnbc.com

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