NFIP rates are set for phased-in increases starting in January

12/3/2012 | PropertyCasualty360

The Biggert-Waters Act will bring higher rates for the National Flood Insurance Program starting in January. David Miller of the Federal Emergency Management Agency said he wouldn't speculate on whether the White House will seek an increase in the program's borrowing authority. "Because so many people are relying on NFIP, it is particularly critical that it be financially strong," PCI's David Snyder said, adding, "To the extent practicable, NFIP's rates should also accurately reflect risk so as to provide financial signals that could help reduce future losses."

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