flood insurance

Lynn Arditi / RIPR

People’s Power and Light, a local nonprofit that advocates for clean energy, says Rhode Island and Massachusetts residents will have to pay to adapt to more frequent and intense storms. 


REBECCA SANANES / Vermont Public Radio

  Even before Tropical Storm Harvey and Hurricane Irma hit, the National Flood Insurance Program (NFIP) was in trouble — to the tune of $25 billion. And the program is set to expire at the end of the month if Congress doesn't act.

Providence Business News Editor Mark Murphy joins Rhode Island Public Radio's Dave Fallon for our weekly business segment, The Bottom Line.

This week, Mark and Dave discuss the risk of storm damage, both physical and financial, and how flood zones, wind and wave action are changing due to climate change.

The U.S. Senate approved legislation this week that would spare many Rhode Island homeowners from sharp rate hikes in their federal flood insurance policies.

The Homeowner Flood Insurance Affordability Act was passed in response to the Biggert-Waters Flood Insurance Reform Act of 2012.

The Biggert-Waters Act required the Federal Emergency Management Agency, or FEMA, to develop new rates for flood insurance premiums that more accurately reflect flood risk.

Courtesy: Sen. Jack Reed's Office

Rhode Island’s senators are applauding a 67- 32 vote passing legislation that delays a spike in flood insurance premiums. Sen. Jack Reed said the Senate took a positive, bi-partisan step, while Sen. Sheldon Whitehouse called the measure a necessary step to balance solvency of the federal flood insurance program with rate shock.