Marketplace: "Flood Insurance Program Updates Hit Homeowners Hard"
RFF Fellow Penny Liao is quoted in a highly syndicated piece about rising flood insurance costs.
“Some people living in inland areas could also see their rates go up,” said Penny Liao, an environmental economist at Resources for the Future...
In certain ways, Liao says the new pricing system may be fairer. The old rates didn’t take into account how much a home was worth or what it would cost to rebuild if it was destroyed by a flood.
Now, “lower-value homeowners are no longer subsidizing some of these higher-value homes,” she said.
