New Flood Zone Maps Lead to Better Rates

New Flood Zone Maps Lead to Better Rates
July 15, 2012

Matthew Glans

Matthew Glans (mglans@heartland.org) joined the staff of The Heartland Institute in November 2007... (read full bio)

To the Editor:

Although it may cost some homeowners more money, a detailed and open process for mapping flood zones is necessary to inform the public about flood risks (“Consider this: Flood maps revised” July 8).

Higher rates inform homeowners that their homes are susceptible to catastrophic flood damage. Increasing the cost of living in a flood zone both limits new home construction and prepares homeowners for losses, limiting future disaster assistance covered by taxpayer dollars.

Nationally, remapping has not resulted in evenly higher rates. Across the country, the number of people paying less for flood insurance after remapping has been about equal to the number of people paying more. The bottom line: Remapping produces better rates — not always higher ones.

Matthew Glans
Senior policy analyst
The Heartland Institute
Chicago

Matthew Glans

Matthew Glans (mglans@heartland.org) joined the staff of The Heartland Institute in November 2007... (read full bio)