"As Climate Risks Rise, Flood Insurance Costs Stun US Homeowners"

"A federal flood insurance overhaul to adjust for rising climate change risks has left Americans facing eye-popping bills".

"NEW ORLEANS - Homeowner Tommy Becnel has never had a flood claim on his house in the hurricane-prone U.S. state of Louisiana, but his annual insurance premium is still set to rise 10-fold, to nearly $7,000, in the years ahead.

He is among thousands of homeowners facing steep flood insurance cost hikes after an overhaul in flood risk ratings by the Federal Emergency Management Agency (FEMA), partly to factor in more extreme weather linked to climate change.

Like many of those affected, Becnel thinks the new prices could deter people from insuring their property - putting their financial stability, and even their homes, in jeopardy."

David Sherfinski and Diana Baptista report for Thomson Reuters Foundation May 10, 2023.

Source: Thomson Reuters Fdn., 05/12/2023