FEMA report: Flood insurance hikes will drive 1M from market

ST. LOUIS (AP) — One million fewer people may purchase federal flood insurance by the end of the decade, according to a financial report obtained by the AP. The Federal Emergency Management Agency has revamped its flood insurance program to more accurately reflect the risk of flooding. The agency told Congress and other officials that enrollment numbers were expected to go up. But the documents received under the Freedom of Information Act show FEMA projects a decline. FEMA says it is still optimistic the program can grow; the assumptions in the report are pessimistic and enrollment hasn’t been directly studied. For some, significant price increases are making them rethink the decision to buy insurance and the change come as climate change increases flood risk in many parts of the country.