Increasing Cost of Flood Insurance Affects Tennessee Homeowners
Photo: Flooding in Nashville, Tennessee Photo Credit: Eric Hamiter / CC
The Tennessee Conservative [By Jason Vaughn] –
Tennessee homeowners may soon see an increase in the amount they are paying for flood insurance.
The Federal Emergency Management Agency (FEMA) has made changes to the way they calculate flood risk. While some individuals will end up paying less for flood insurance, LendingTree predicts that the majority of individuals living in a flood zone will find their rates increasing.
“We have seen a 163% increase in the last 20 years in the number of natural disasters, and a lot of those have been floods. So even if you don’t believe in climate change, that doesn’t matter, your insurance company does,” said Nick VinZant, a senior research analyst with QuoteWizard by Lending Tree.
*** Click Here to Support Conservative Journalism in Tennessee. We can’t cover stories like this without your support!***
VinZant says that, while some residents will see a jump in those insurance costs, the new calculation method is actually a fairer way of determining the rates.
According to VinZant, “What FEMA is really doing is they are shifting the burden of flood insurance. Before, everybody kind of paid for everybody equally. Now people who have the riskiest properties are going to be paying the most. And if you’re not facing a lot of risk, you’ll be paying a lot less.”
VinZant does not anticipate the rates for flood insurance to go down in Tennessee anytime in the near future. He noted that the state has experienced four different natural disasters costing billions of dollars each over the last twenty years.
Back in February, FEMA also updated their flood zone maps to include a greater portion Davidson County. Hundreds of residents received notification that their property was now classified as being in a flood plain. This classification required those homeowners to obtain a flood insurance policy.
Floor maps show how likely it is that an area could become flooded. FEMA considers any property that has a chance of 1% or higher of flooding in a year is considered high risk. It is estimated that at least 1,000 homes in Nashville were affected by the recent zone map updates, and even more will be affected by the rate increases.
About the Author: Jason Vaughn, Media Coordinator for The Tennessee Conservative ~ Jason previously worked for a legacy publishing company based in Crossville, TN in a variety of roles through his career. Most recently, he served as Deputy Director for their flagship publication. Prior, he was a freelance journalist writing articles that appeared in the Herald Citizen, the Crossville Chronicle and The Oracle among others. He graduated from Tennessee Technological University with a Bachelor’s in English-Journalism, with minors in Broadcast Journalism and History. Contact Jason at news@TennesseeConservativeNews.com
Urban Sprawl with its concrete and asphalt covers earths sponge. Hydraulic testing for codes enforced construction isn’t really done scientifically. It’s done financially. It all lays at the feet of the TVA. Dams built and natural waterways destroyed.