Risk Rating 2.0 is designed to incorporate industry best practices and new technology to enable the Federal Emergency Management Agency to provide rates that are equitable, easier to understand and better reflect a property’s flood risk.
Risk Rating 2.0 was designed by FEMA to modernize the National Flood Insurance Program’s insurance pricing methodology and more accurately tie its rates to the flood risks of individual properties. It begins to take effect on Oct. 1, 2021.
David Maurstad, deputy associate administrator for the Federal Emergency Management Agency, the agency is working to transform the National Flood Insurance Program, which currently issues 5 million policies in 22,000 communities.
Pennsylvania Insurance Department Commissioner Jessica Altman recently talked with PAR CEO Mike McGee about flood insurance, how important it is for all homeowners to consider this insurance and what the state is doing to help homeowners find insurance.
The National Flood Insurance Program will expire at midnight on Friday, May 31, 2019. The National Association of Realtors is working to avoid a lapse, while Congress continues to negotiate over a long-term reauthorization and reform.