The National Flood Insurance Program (NFIP) is facing pressures as it nears its borrowing cap, compelling Congress to consider reforms focused on mitigation rather than simply disaster recovery.
Danny Thompson noted the rising costs of homeowner insurance in Texas, reflecting a trend where premiums have increased significantly post-pandemic due to supply chain issues and extreme weather.
The drastic increase in insurance rates, with some homeowners seeing costs double or triple, was echoed by Thompson, who also mentioned the impact of pandemic-induced delays in construction.
Insurers are becoming more selective with coverage, examining various risk factors like roof age and proximity to fire lines, which increases the granularity of their rating systems.
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