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A recent FEMA policy change allows flood insurance policy holders to pay their premiums in monthly installments instead of a lump sum.
FEMA, which administers the National Flood Insurance Program, announced the new option late last year.
The agency introduced Risk Rating 2.0 in 2021, a new technique for calculating flood insurance premiums. As a result of the change, many policy holders have seen their costs rise about 200 percent.
FEMA says it's working with flood insurers to offer the installment option as soon as possible.
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