Flood insurance can now be paid monthly, not all at once

The US flood insurance program will now let people pay their annual premiums in monthly installments. This means more people might buy flood insurance, especially those who could not afford a single large payment.

For decades, buying flood insurance meant paying a large lump sum once a year. This was a barrier for many homeowners, especially those with lower incomes. Allowing monthly payments makes flood insurance more accessible, which could increase the number of insured properties in flood-prone areas. This shifts some of the financial risk from individual homeowners and disaster relief programs to the insurance system.