Risk Rating 2.0 is FEMA’s commitment to make the National Flood Insurance Program (NFIP) more equitable. Through Risk Rating 2.0 FEMA is aiming to deliver rates that are more equitable, easier to understand and that better reflect a property’s individual flood risk. The rating will allow FEMA to calculate premiums more equitably, across all policyholders, based on the value of their home and their property’s flood risk. What does this mean for policyholders? Some will see increases to their premiums, some will see decreases and some will see no change. However, it is anticipated that the majority of premiums will increase under Risk Rating 2.0. When will Risk Rating 2.0 go into effect? Phase 1: New policies beginning Oct. 1, 2021 will be subject to the Risk Rating 2.0 rating methodology. Also on Oct. 1, 2021 existing policyholders eligible for renewal became able to take advantage of immediate decreases in their premiums, if available. In Phase 2: All policies renewing on or after April 1, 2022 will be subject to the Risk Rating 2.0 rating methodology.
If you are looking to buy a home on Long Beach Island or the surrounding area, please give me a call!
Deidre Martin
C: 609.300.3899 | O: 609.492.1511 | E: lbideidre@gmail.com
Insta: deidre_martin_lbi