Fixing damage left behind by severe weather can be tricky without the right insurance. But have flood insurance costs doubled in Arkansas over the past few years?
LITTLE ROCK, Ark. — Arkansas is no stranger to severe weather, and the state’s recent flooding and tornadoes are prime examples. According to the Pew Research Center, in 2018 Arkansas ranked number one out of states with the most flood-related disaster declarations.
Despite this, it’s estimated that only a third of Arkansans have flood insurance. Most homeowner’s insurance policies do not cover flooding.
But is it true that the cost of flood insurance in Arkansas has doubled in the past couple of years?
The Arkansas Department of Agriculture’s floodplain management office strongly encourages both homeowners and business owners to invest in flood insurance, highlighting that since 1978, policyholders in Arkansas have received more than $154 million in claim payments.
The floodplain management program administers FEMA’s National Flood Insurance Program (NFIP) in Arkansas. NFIP is a federally backed initiative offering affordable flood protection for homeowners, renters, and businesses. Some private insurers also provide coverage.
According to FEMA, the average yearly flood insurance premium in Arkansas is currently around $946, an increase from $781 in prior years.
In 2023, FEMA’s new Risk Rating 2.0 program shifted how rates are calculated, moving from broad categories to assessing individual property risks like elevation, water proximity, and historical flood claims.
This has led to higher rates for some homeowners, especially in more flood-prone areas like Pulaski County. But we can verify that flood insurance rates for Arkansas homeowners have not doubled in recent years.
While premiums have gone up, data from FEMA reveals a more moderate rise.
One issue to watch for in 2025 is the authorization for the NFIP. It is set to expire, on September 30. In order to keep it going, Congress will have to reauthorize it, by or before that date.
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