Flood Insurance and New Risk Rating Plan
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This is likely of interest to those who live on the coast and those with properties on the coast. However, the article suggests that flood sources encompass more than proximity to a body of water alone. The National Flood Insurance LLC (private insurance company not to be confused with the National Flood Insurance Program (government) has developed a website to assist homeowners in estimating the flood risk using their property address.
See below for coming flood insurance rating changes.
Risk Rating 2.0 will fundamentally change the way FEMA rates a property’s flood risk and prices insurance. The current rating methodology has not changed since it was first developed in the 1970s. But since then, technology has evolved and so has FEMA’s understanding of flood risk.
New rates for all (National Flood Insurance Program) NFIP-insured properties will go into effect nationwide on October 1, 2021.
Risk Rating 2.0 will incorporate a broader range of flood frequencies. FEMA will be pairing state-of-the-art industry technology with the NFIP’s mapping data to establish a new risk-informed rating plan. Catastrophe models, in combination with the ability to leverage the NFIP’s mapping data, will provide a better and more comprehensive understanding of risk at both the national and local levels.
FEMA is building a new rating engine to help agents easily price and sell policies. It will also allow policyholders to better understand their property’s flood risk and how it is reflected in their cost of insurance.
The new risk rating plan will use easier-to-understand rating characteristics for each property, such as:
• Distance to the coast or another flooding source
• Different types of flood risk
• The cost to rebuild a home
By reflecting the cost to rebuild, the new rating plan will also aim to deliver fairer rates for owners of lower-value homes.