The Federal Emergency Management Agency (FEMA) is rolling out changes when it comes to flood insurance rates across all states in the country. Today, we will unpack these changes coming to New York and how they can impact your flood insurance in the future.

The Flood Insurance Guru | New York Flood Insurance: New Federal Flood Insurance Risk Rating 2.0

Today, we have to come down to the concrete jungle where dreams are made of, New York. The Empire State is one of the most colorful places you can go to, surrounded by multiple lakes, a river, and the Atlantic coast itself however when it comes to floods, the state is facing a lot of risks. 

We're going to talk about the upcoming changes to the National Flood Insurance Program (NFIP) Risk Rating 2.0 which is expected to arrive on October 1, 2021.

The NFIP 2.0

Keep in mind however that property values won't be the only thing that will determine whether or not you'll get a price increase or decrease with your flood insurance rate. You also have to consider that there are a lot of things that will contribute to the final flood insurance costs you will get such as:

  • Overall flood risk and flood frequency
  • History of flood damage and flood loss
  • History and frequency of flood claims
  • Flood map designation. Are you in a low-risk flood zone or the high-risk flood zone or the special flood hazard areas (SFHA)?
  • Mitigation efforts on the insured property. Is your lowest floor above the base flood elevation?

The Flood Insurance Guru | New York Flood Insurance: New Federal Flood Insurance Risk Rating 2.0

When it comes to the rate changes happening across the country, you're going to see these colors in ranges which represent these changes with flood insurance rates from FEMA. Now, each of these colors represents the good, the bad, and the ugly changes coming to each state.

The National Flood Insurance Program will provide coverage from flood damage on the insured property, which generally are residential properties or commercial properties, that maxes to $250,000. This is also with that coverage on contents or personal things within that property that maxes to $100,000.

It's important to note however that if you're planning to go through FEMA and the NFIP, you better start as soon as possible since you will have to follow a strict 30-day waiting period before your policy can take effect. 

The Flood Insurance Guru | New York Flood Insurance: New Federal Flood Insurance Risk Rating 2.0

The Good

Starting with the good news we have for the residents of the Empire State, there will be 32% or 54,017 policyholders who will receive a great deal with the Risk Rating 2.0.

We'll show this as the green portion of the pie graph and a good change because this will bring an immediate decrease in rates of more than $100 ($1200 per year). This can really help ease out that premium with FEMA that averages $1300 or more especially for commercial policies in New York.

This decrease in premiums is very helpful for those lower-valued homes since the amount you need to pay for FEMA flood insurance won't seem so absurd for those who are impacted. 

The Bad

Now, let's move into the bad news and bad changes that the Risk Rating 2.0 will bring to residents of New York. About 54% or 93,697 policies in force from FEMA will get an increase ranging from $0 to $10 per month ($0 - $120 per year).

This means that if you're part of this blue portion in the graph, you're either going to get $0 or no change with the rates you're paying or pay an increase of $10 per month once the Risk Rating 2.0 kicks in.

The Ugly

Lastly, let's move to the farther end of the graph and talk about the ugly news. This is shown by the pink/magenta and grey portions. It's important to note that the grey portion is significantly uglier of a change compared to the pink one. Let's understand these two.

The pink portion will impact 7% or 12,042 of the policies in New York. This will create an increase for those impacted once the Risk Rating 2.0 kicks in. The increase will be ranging from $10 to $20 per month ($120 - $240 per year).

However, when it comes to that grey portion, we're going to start to talk about a more drastic increase in flood insurance rates. Another 7% or 11,354 policies in New York fall under this change. The increase in rates will be more than $20 per month (>$240 per year). This simply means that there's a chance that your increase will be at that $100 mark.

This price hike can easily be deemed as an alarming increase especially for the low-income communities that might be impacted by this change. This is why it's equally important to understand your flood insurance options as this increase may not help your situation and only cause more headache than peace of mind.

You also have the private flood insurance market and since private insurers are the ones who will cover your policy, you can get a great deal and won't have to deal with all that red-tape FEMA has to go through. The private flood insurance market doesn't have any coverage limits and has a shorter waiting period of 10-14 days. You wouldn't want to pay for a $3,000 premium only to get covered for only $250,000 on a $500,000 home.

You can see the full pie graph of these changes to New York below:

The Flood Insurance Guru | New York Flood Insurance: New Federal Flood Insurance Risk Rating 2.0

When Will It Happen?

Now, the date when you can adopt this program really depends if you're doing a renewal or if it's a new business policy. You see, you can expect these changes to start on October 1st and you're going to adapt to these rate changes if you're buying flood insurance from FEMA on or after that date. 

On the other hand, if you're doing a renewal with FEMA after that date then you don't have to take in these new rate changes until April 1st, 2022.

So, you want to be very ready for this. We've been talking about this since last year since basically the NFIP is already 30 years old already and is in need of this change. 

If you have questions on these upcoming changes, what are your flood insurance options in New York, or anything about flood, reach out to us through the links below. You can also watch this on our YouTube channel.

Remember, we have an educational background in flood mitigation and we want to help you understand flood risks through education and awareness in flood insurance and preparedness.

The Flood Insurance Guru | 2054514294    Get Your Quote from Flood Insurance Guru   The Flood Insurance Guru | Chris Greene | YouTube

The Federal Emergency Management Agency (FEMA) is rolling out changes when it comes to flood insurance rates across all states in the country. Today, we will unpack these changes coming to New Mexico and how they can impact your flood insurance in the future.

The Flood Insurance Guru | New Mexico Flood Insurance: New Federal Flood Insurance Risk Rating 2.0

New Mexico is a generally dry state however this doesn't exempt the Land of Enchantment from flood risks. In fact, in recent years, the state had face a lot of flooding from flash floods and monsoon floods. Today, we want to cover the upcoming changes to the common flood insurance option: the National Flood Insurance Program (NFIP) or federal flood insurance.

The NFIP is bound to change with the Risk Rating 2.0 impacting everyone across the country for the good, the bad, and the ugly. The Risk Rating 2.0 will start to take effect on October 1, 2021.

The NFIP 2.0

The Risk Rating 2.0, or commonly known as NFIP 2.0 as well, is more of a move of equity. This update on the federal flood insurance program itself will allow you to no longer pay more than your fair share when it comes to premiums as this would now be based on the value of your property or home starting this October. 

It's important to note however that your property value isn't the only measurement that FEMA will use when it comes to its rating structure changes to flood insurance costs with FEMA with this upcoming update to the National Flood Insurance Program. You also have to consider the following things:

  • Overall flood risk and frequency of flooding
  • History of flood loss and flood damage
  • History and number of flood claims
  • Flood map designation

The Flood Insurance Guru | New Mexico Flood Insurance: New Federal Flood Insurance Risk Rating 2.0

When it comes to the rate changes happening across the country, you're going to see these colors in ranges which represent these changes with flood insurance rates from FEMA. Now, each of these colors represents the good, the bad, and the ugly changes coming to each state.

Nowadays, the actual risk that we're facing in a time of floods is not the flood water and flood damage, but our flood insurance policies, protection, or the lack thereof. 

The Flood Insurance Guru | New Mexico Flood Insurance: New Federal Flood Insurance Risk Rating 2.0

The Good

Starting with the green slice or what we'd like to call the good change. This will impact 36% or 4,116 of the policies FEMA currently has in force in the state. We call this a good change for those impacted since people here will get an immediate decrease in flood insurance starting this October.

The decrease will be more than $100 ($1200 per year) for these residents. Considering that the current average premium in New Mexico is about $1000, this can really help a lot of people move into the federal flood insurance market or keep their current policy with FEMA.

The Bad

Now, let's talk about the blue portion which is composed of 55% or 6,403 policies from New Mexico. These people will experience what we deem as the bad change because of the small increase they're going to get on their rates.

The increase ranges from $0 to $10 per month ($0 - $120 per year). This generally means that if you fall on that $0, you'll experience no change with your rates.

The Ugly

Lastly, let's talk about the ugly changes which will be shown as the pink/magenta and grey portions of the pie graph. This two are somewhat similar despite the one is an uglier change than the other.

The pink/magenta portion will cover 7% or 779 of the policies FEMA has in force in New Mexico. If you're part of this percentage, you're going to get an increase on rates of $10 to $20 per month ($120 - $240 per year).

On the other hand, the grey slice will impact 2% or 258 of the active FEMA policies in the state. This is what we call the uglier change since the increase in rates is more than $20 per month (>$240 per year). This means that you can easily land on getting a $100 increase per month on your FEMA policy starting in October.

You can see the full pie graph of these changes below:

The Flood Insurance Guru | New Mexico Flood Insurance: New Federal Flood Insurance Risk Rating 2.0

When Will It Happen?

Now, the date when you can adopt this program really depends if you're doing a renewal or if it's a new business policy. You see, you can expect these changes to start on October 1st and you're going to adapt to these rate changes if you're buying flood insurance from FEMA on or after that date. 

On the other hand, if you're doing a renewal with FEMA after that date then you don't have to take in these new rate changes until April 1st, 2022.

So, you want to be very ready for this. We've been talking about this since last year since basically the NFIP is already 30 years old already and is in need of this change. 

If you have questions on these upcoming changes, what are your flood insurance options in New Mexico, or anything about flood, reach out to us through the links below. You can also watch this on our YouTube channel.

Remember, we have an educational background in flood mitigation and we want to help you understand flood risks through education and awareness in flood insurance and preparedness.

The Flood Insurance Guru | 2054514294    Get Your Quote from Flood Insurance Guru   The Flood Insurance Guru | Chris Greene | YouTube

The Federal Emergency Management Agency (FEMA) is rolling out changes when it comes to flood insurance rates across all states in the country. Today, we will unpack these changes coming to New Jersey and how they can impact your flood insurance in the future.

The Flood Insurance Guru | New Jersey Flood Insurance: New Federal Flood Insurance Risk Rating 2.0

Today, we'll dive into one of the states facing the risks of coastal flooding: New Jersey. The Garden State has 130 miles of Atlantic coast on its edge and generally, this is a beautiful spot for vacations at the beach, getting some tan, or just enjoying a day out viewing that beautiful coast however this is one of the risks that residents face every day. So, we want to look into the upcoming changes to the first line of defense when it comes to the threat of coastal floods, the federal flood insurance.

A lot of homes get impacted by flooding across the United States which rightfully prompted both the people and the federal government to create countermeasures against all types of flood loss. It's important to understand that there are changes coming to federal flood insurance and the National Flood Insurance Program (NFIP) which can mean a great thing for some homeowners and also bad things for other homeowners who carry flood insurance policies with FEMA and the NFIP.

The National Flood Insurance Program is getting closer to implementing the Risk Rating 2.0 and we want our friends over in New Jersey to get up-to-date with these changes.

The Risk Rating 2.0 is expected to go live starting on October 1, 2021.

The NFIP 2.0

The Risk Rating 2.0, or commonly known as NFIP 2.0 as well, is more of a move of equity. This update on the federal flood insurance program itself will allow you to no longer pay more than your fair share when it comes to premiums as this would now be based on the value of your property or home starting this October. 

A lot of things come into play when it comes to finalizing the cost of flood insurance premiums with FEMA. These are the things that you also want to make sure to be on the safe side in order to avoid getting those expensive rates and premiums. We'll list down some of the things you want to consider:

  • History of flood damage and flood loss
  • History and frequency of flood claims
  • Overall flood risks or hazards (i.e. storm surges, flash flooding)
  • Mitigation efforts against floods. Is your lowest floor above the base flood elevation?
  • Market value of the property

The Flood Insurance Guru | New Jersey Flood Insurance: New Federal Flood Insurance Risk Rating 2.0

When it comes to the rate changes happening across the country, you're going to see these colors in ranges which represent these changes with flood insurance rates from FEMA. Now, each of these colors represents the good, the bad, and the ugly changes coming to each state.

The Flood Insurance Guru | New Jersey Flood Insurance: New Federal Flood Insurance Risk Rating 2.0

The Good

Starting off with the good changes coming with the Risk Rating 2.0, we'll show you the green slice. This is composed of 21% or 46,319 policies in New Jersey. These people will receive a good change because of the immediate decrease of more than $100 ($1200 per year).

Generally, this is a great thing for those with lower-valued homes since it's more likely that they'll get lower flood insurance costs and there get to avoid that rate hike. Equally, this is also helpful for those with higher-valued homes that generally get drastic annual rate increases when it comes to flood insurance. This acts like a huge discount for something that can save your life in more than one way.

The Bad

Next up, we want to cover the bad change that will cover the biggest population of FEMA policies in the state. The blue slice presents policyholders a small increase in rates ranging from $0 to $10 per month ($120 - $240 per year).

This is going to impact a whopping 64% or 137, 075 active FEMA policies in the state once the Risk Rating 2.0 starts in October later this year. This could mean that within this 64%, you may get no change or increase with your federal flood insurance rate or you can get up to a $10 increase per month.

Although this increase may not sound that much, it is still important a lower-income community may find it hard to adjust with these actual rate hikes. We've seen a good percentage of homeowners not get flood insurance since they thought it would just be another thing to worry about when it comes to financial concerns especially when it starts to become more expensive.

The Ugly

Lastly, we have to cover what's left of the active FEMA policies which unfortunately has to deal with the ugly changes coming with the NFIP 2.0. This will be that pink/magenta range and the grey one.

The pink/magenta is composed of 10% or 22,426 of the policies FEMA has in force in New Jersey. This is an ugly change because there's a significant difference in the increase for this portion compared to the blue slice. If you're part of this, you're going to have to deal with an increase in rates ranging from $10 to $20 per month ($120 - $240 per year).

The grey slice is composed of the remaining 5% or 11,364 policies in New Jersey. This is an even uglier change since if you're going to be under this percentage, you're going to have to deal with an increase in flood insurance rates of more than $20 per month (>$240 per year). This can mean that you may see an increase going up to more than $100 per month (>$1200 per year) on your flood insurance rates with FEMA and the NFIP.

The full pie graph for the New Jersey Risk Rating 2.0 can be seen below:

The Flood Insurance Guru | New Jersey Flood Insurance: New Federal Flood Insurance Risk Rating 2.0

When Will It Happen?

Now, the date when you can adopt this program really depends if you're doing a renewal or if it's a new business policy. You see, you can expect these changes to start on October 1st and you're going to adapt to these rate changes if you're buying flood insurance from FEMA on or after that date. 

On the other hand, if you're doing a renewal with FEMA after that date then you don't have to take in these new rate changes until April 1st, 2022.

So, you want to be very ready for this. We've been talking about this since last year since basically the NFIP is already 30 years old already and is in need of this change. Nowadays, the actual flood risk that we're facing is not coming from flood water, but concerning flood coverage or the lack thereof.

If you have questions on these upcoming changes, what are your flood insurance options in New Jersey, or anything about flood, reach out to us through the links below. You can also watch this on our YouTube channel.

Remember, we have an educational background in flood mitigation and we want to help you understand flood risks through education and awareness in flood insurance and preparedness.

 

The Flood Insurance Guru | 2054514294    Get Your Quote from Flood Insurance Guru   The Flood Insurance Guru | Chris Greene | YouTube

The Federal Emergency Management Agency (FEMA) is rolling out changes when it comes to flood insurance rates across all states in the country. Today, we will unpack these changes coming to New Hampshire and how they can impact your flood insurance in the future.

The Flood Insurance Guru | New Hampshire Flood Insurance: New Federal Flood Insurance Risk Rating 2.0

New Hampshire is one of the states that's known for being impacted by major flood events like The Mother's Day Flood of 2006 and the Flood of April 2007. Considering that the state is relatively close to extreme flood hazards especially during the hurricane season like the coasts, this is something to be expected. There's always this flood risk from storms, coastal flooding, and flash floods.

However, it's something that we can always be prepared for.

Today, we look into the Granite State and home to the Purple Finch, New Hampshire in the goals to understand the upcoming changes with federal flood insurance. The National Flood Insurance Program (NFIP) is about to change and a lot of updates are coming with the Risk Rating 2.0 especially when it comes to flood insurance rates with FEMA.

The Risk Rating 2.0 is expected to take effect on October 1, 2021.

The NFIP 2.0

The Risk Rating 2.0, or commonly known as NFIP 2.0 as well, is more of a move of equity. This update on the federal flood insurance program itself will allow you to no longer pay more than your fair share when it comes to premiums as this would now be based on the value of your property or home starting this October. 

Keep in mind that the National Flood Insurance Program (NFIP) and FEMA are constantly studying flood data across the united states. As a property owner, this also means that the market value of your residential property or commercial building isn't the only thing that is used to assess your final flood insurance premiums with FEMA. You also have to consider the following things:

  • Flood map designation and flood plain devolvement in the community
  • Overall risk of flooding, flood hazard, and flood frequency on your home
  • History of flood loss, and flood damage
  • History and frequency of flood claims
  • Mitigation efforts to lower flood risk like making sure that your lowest floor is above the base flood elevation

The Flood Insurance Guru | New Hampshire Flood Insurance: New Federal Flood Insurance Risk Rating 2.0

When it comes to the rate changes happening across the country, you're going to see these colors in ranges which represent these changes with flood insurance rates from FEMA. Now, each of these colors represents the good, the bad, and the ugly changes coming to each state.

The Flood Insurance Guru | New Hampshire Flood Insurance: New Federal Flood Insurance Risk Rating 2.0

The Good

We'll start off with the good things coming with the Risk Rating 2.0 and that's going to be shown as the green portion on our pie graph.

This will impact 35% or 2,675 active FEMA policies in New Hampshire. We call this a good change because it will cause a significant decrease in flood insurance rates for those people. The decrease may go up to more than $100 ($1200 per year) and can be an immediate one. This means by October, if you're part of this change, you're going to start paying for much lower rates with FEMA.

The Bad

Now, let's move over to a bigger chunk with the New Hampshire Risk Rating 2.0 update which is the blue portion. This is notably a bad change compared to the green one since all this entails is a small increase in rates starting this October.

The blue portion is composed of 49% or 3,875 FEMA policies from the state. If you're part of this, you're going to start to get an increase on your FEMA flood rates ranging from $0 to $10 per month ($0 - $120 per year). This can either mean that you're going to get no change with your rates and premiums, or it can go up to that $10/$120 mark once the NFIP 2.0 starts in October.

The Ugly

Lastly, we want to talk about the ugly changes which we'll show as the pink/magenta and grey portions. Now, both of these will still get you an increase on flood insurance rates with FEMA however it's important to note that the latter is definitely a much uglier change compared to the former.

The pink/magenta slice will be composed of 682 policies or 9% of the active FEMA flood insurance policies in New Hampshire. These 682 people will have to face a slightly bigger increase compared to the blue slice since the rate increase will now range from $10 to $20 per month ($120 - $240 per year). 

On the other hand, the grey slice will cover 515 or 7% of the policies that FEMA has in the state. Now, we call this the uglier change because the rate increase is drastically higher among the others. The increase will be more than $20 per month (>$240 per year) which generally means that you might even get a $100 increase on your flood insurance rate with FEMA starting October.

You can see the full New Hampshire NFIP 2.0 pie graph below:

The Flood Insurance Guru | New Hampshire Flood Insurance: New Federal Flood Insurance Risk Rating 2.0

When Will It Happen?

Now, the date when you can adopt this program really depends if you're doing a renewal or if it's a new business policy. You see, you can expect these changes to start on October 1st and you're going to adapt to these rate changes if you're buying flood insurance from FEMA on or after that date. 

On the other hand, if you're doing a renewal with FEMA after that date then you don't have to take in these new rate changes until April 1st, 2022.

So, you want to be very ready for this. We've been talking about this since last year since basically the NFIP is already 30 years old already and is in need of this change. 

If you have questions on these upcoming changes, what are your flood insurance options in New Hampshire, or anything about flood, reach out to us through the links below. You can also watch this on our YouTube channel.

Remember, we have an educational background in flood mitigation and we want to help you understand flood risks through education and awareness in flood insurance and preparedness.

The Flood Insurance Guru | 2054514294    Get Your Quote from Flood Insurance Guru   The Flood Insurance Guru | Chris Greene | YouTube

The Federal Emergency Management Agency (FEMA) is rolling out changes when it comes to flood insurance rates across all states in the country. Today, we will unpack these changes coming to Nevada and how they can impact your flood insurance in the future.

The Flood Insurance Guru | Nevada Flood Insurance: New Federal Flood Insurance Risk Rating 2.0

Today, we travel to the land of casinos and the Battle Born State of Nevada. We won't do cards and all that, but instead, discuss the upcoming changes to federal flood insurance. We'll understand how the National Flood Insurance Program's (NFIP) Risk Rating 2.0 will help our friends over in Nevada be battle born against flood risks across the state.

Nevada, just like all fifty states, is an equally flood-prone area. You have to take into account that even valleys and mountains can become the biggest flood risk. We've seen this happen where these higher areas would funnel rain into low-lying areas, immediately flooding communities with a rush of flood water. There's also the concern of El Nino wherein the drier soil makes it seem like you're dumping water into cement. 

The Risk Rating 2.0 will impact flood rates across the United States and will start to take effect on October 1, 2021.

The NFIP 2.0

The Risk Rating 2.0, or commonly known as NFIP 2.0 as well, is more of a move of equity. This update on the federal flood insurance program itself will allow you to no longer pay more than your fair share when it comes to premiums as this would now be based on the value of your property or home starting this October. 

It's important to keep in mind that the market value of these individual properties isn't the only determiner of your flood insurance premiums. FEMA and the NFIP generally look into multiple things when assessing the flood insurance policy for homeowners. You might also want to look out for these:

  • Overall flood risk and flood hazard on your insured building/structure
  • Flood maps zoning (Flood Insurance Rate Maps) and flood plain devolvement
  • History of flood damage and flood loss
  • History and frequency of flood claims
  • Mitigation efforts against flooding. Is your lowest grade above the base flood elevation?

The Flood Insurance Guru | Nevada Flood Insurance: New Federal Flood Insurance Risk Rating 2.0

When it comes to the rate changes happening across the country, you're going to see these colors in ranges which represent these changes with flood insurance rates from FEMA. Now, each of these colors represents the good, the bad, and the ugly changes coming to each state.

The Flood Insurance Guru | Nevada Flood Insurance: New Federal Flood Insurance Risk Rating 2.0

The Good

First, let's talk about that green slice and the good change coming with it. This is generally one of the extreme ranges you'll see in these reports and for the state of Nevada, it will cover 21% or 2,195 policies that FEMA currently has active in the state.

This is a good change because it will start a decrease in flood insurance rates starting this October. The decrease may be more than $100 ($1200 per year) and can kick in immediately for policyholders in this slice.

The Bad

Next up, we want to talk about the upcoming bad change which will impact most of the active FEMA policies in Nevada. This is a bad change due to the small increase you'll get from the Risk Rating 2.0. 

This blue slice is composed of 73% or 7,808 of the active policies in the state. These people are expected to get flood insurance rate increase ranging from $0 to $10 per month ($0 - $120 per year).

The Ugly

Finally, we want to cover the last two slices of change you'll see in these Risk Rating 2.0 reports. We show these as the pink/magenta and grey slices respective. It's notable that the grey slice is significantly an uglier change compared to the pink/magenta portion.

Starting with that pink slice, this will cover 3% or 304 policies in Nevada. Policyholders in this will get an increase ranging from $10 to $20 per month ($120 - $240 per month) on their flood insurance rates with FEMA.

The grey slice on the other hand will cover another estimated 3% or 278 policies over Nevada federal flood policies. This is the uglier change because the increase will be more than $20 per month (>$240 per year). This means that you may easily get that $100 per month ($1200 per year) increase.

You can see the full pie graph of the Risk Rating 2.0 changes in Nevada below:

The Flood Insurance Guru | Nevada Flood Insurance: New Federal Flood Insurance Risk Rating 2.0

When Will It Happen?

Now, the date when you can adopt this program really depends if you're doing a renewal or if it's a new business policy. You see, you can expect these changes to start on October 1st and you're going to adapt to these rate changes if you're buying flood insurance from FEMA on or after that date. 

On the other hand, if you're doing a renewal with FEMA after that date then you don't have to take in these new rate changes until April 1st, 2022.

So, you want to be very ready for this. We've been talking about this since last year since basically the NFIP is already 30 years old already and is in need of this change. 

If you have questions on these upcoming changes, what are your flood insurance options in Nevada, or anything about flood, reach out to us through the links below. You can also watch this on our YouTube channel.

Remember, we have an educational background in flood mitigation and we want to help you understand flood risks through education and awareness in flood insurance and preparedness.

The Flood Insurance Guru | 2054514294    Get Your Quote from Flood Insurance Guru   The Flood Insurance Guru | Chris Greene | YouTube

The Federal Emergency Management Agency (FEMA) is rolling out changes when it comes to flood insurance rates across all states in the country. Today, we will unpack these changes coming to Nebraska and how they can impact your flood insurance in the future.

The Flood Insurance Guru | Nebraska Flood Insurance: New Federal Flood Insurance Risk Rating 2.0

Today, we want to talk about the Cornhusker State of Nebraska. The National Flood Insurance Program is bound to change at the latter part of this year through the Risk Rating 2.0. Considering that the state had a devastating flood two years ago that totaled $1.3 billion in damages in the state alone, we want to cover the federal flood insurance.

Every year, the United States experience floods due to multiple reasons. When moving into the Spring season, a lot of states are facing a lot of spring runoff from the melting of all that collected ice and snow from Winter and spring thaw that oversaturates the ground.

We also have flash floods in urbanized areas where any data would show you might create enough flood damage to render a community as if it's a ghost town. Then, we also have the floods related to the hurricane season like storm surges on the coasts, overflowing of rivers, lakes, creeks, and other bodies of water inland, and flash floods due to heavy rainfall.

This is why it's important to understand that comes to flood insurance policies at all times. Regardless if you're getting flood insurance through the NFIP or through private flood insurance companies. The Risk Rating 2.0 is one of these changes and when you are in those flood-prone areas like Big Papillion Creek at Omaha, you want to make sure that you have the right protection from the flood losses due to flooding.

The Risk Rating 2.0 is expected to take effect starting October 1, 2021.

The NFIP 2.0

The Risk Rating 2.0, or commonly known as NFIP 2.0 as well, is more of a move of equity. This update on the federal flood insurance program itself will allow you to no longer pay more than your fair share when it comes to premiums as this would now be based on the value of your property or home starting this October. 

This individual property rating structure considers a lot of data backed up by years of research by the Federal Management Emergency Agency (FEMA). The property values might be the biggest consideration by the federal government in assessing your flood insurance rate however it's also important to keep in mind that there are important things that they account for and you should too such as:

  • Overall flood risk in your community
  • Flood map designation and catastrophe models
  • Flood hazard, flood trigger, and flood frequency
  • History of flood damage and flood loss
  • History and frequency of flood claims made in the last 10 years
  • The construction of your home or residential property. Is it above the base flood elevation?

The Flood Insurance Guru | Nebraska Flood Insurance: New Federal Flood Insurance Risk Rating 2.0

When it comes to the rate changes happening across the country, you're going to see these colors in ranges which represent these changes with flood insurance rates from FEMA. Now, each of these colors represents the good, the bad, and the ugly changes coming to each state.

The Flood Insurance Guru | Nebraska Flood Insurance: New Federal Flood Insurance Risk Rating 2.0

The Good

First, let's look at the green slice or what we generally call the good change. This is because of the decrease in flood insurance rates that people under this slice will get once the NFIP 2.0 starts.

For Nebraska, 43% or 3,964 policies are going to experience this good change. The decrease will be more than $100 ($1200 per year) and this can immediately take effect once the NFIP 2.0 kicks in on October 1st.

The Bad

Next up, we're going to talk about the bad change coming to federal flood insurance with this new Risk Rating 2.0. This will be shown by that blue slice and is a bad change since it will cause a small increase in flood insurance rates.

The blue slice in Nebraska is composed of 45% or 4,140 policies from FEMA. These people will get an increase ranging from $0 to $10 per month ($0 - $120 per year) on federal flood rates.

The Ugly

Lastly, we want to cover the ugly changes which will be shown by the pink and grey slices. Now, both of these are ugly changes coming to federal flood insurance, but it's important to note that one is definitely uglier of a change compared to the other.

Starting with the pink or magenta one, this will cover 5% or 417 policies from FEMA in Nebraska. This will cause a slightly bigger rate increase ranging from $10 to $20 per month ($120 to $240 per year).

On the other hand, policyholders in the grey slice will experience an uglier change due to a significantly higher increase in rates once the Risk Rating 2.0 goes live. This will impact 7% or 609 policies from Nebraska which will get an increase of more than $20 per month (>$240 per year). This generally means that you may even start to get an increase of $100 or more monthly.

You can see the full pie graph of these changes below:

The Flood Insurance Guru | Nebraska Flood Insurance: New Federal Flood Insurance Risk Rating 2.0

When Will It Happen?

Now, the date when you can adopt this program really depends if you're doing a renewal or if it's a new business policy. You see, you can expect these changes to start on October 1st and you're going to adapt to these rate changes if you're buying flood insurance from FEMA on or after that date. 

On the other hand, if you're doing a renewal with FEMA after that date then you don't have to take in these new rate changes until April 1st, 2022.

So, you want to be very ready for this. We've been talking about this since last year since basically the NFIP is already 30 years old already and is in need of this change. 

If you have questions on these upcoming changes, what are your flood insurance options in Nebraska, or anything about flood, reach out to us through the links below. You can also watch this on our YouTube channel.

Remember, we have an educational background in flood mitigation and we want to help you understand flood risks through education and awareness in flood insurance and preparedness.

The Flood Insurance Guru | 2054514294    Get Your Quote from Flood Insurance Guru   The Flood Insurance Guru | Chris Greene | YouTube

The Federal Emergency Management Agency (FEMA) is rolling out changes when it comes to flood insurance rates across all states in the country. Today, we will unpack these changes coming to Montana and how they can impact your flood insurance in the future.

The Flood Insurance Guru | Montana Flood Insurance: New Federal Flood Insurance Risk Rating 2.0

Today, we're going to Montana to check on the upcoming federal flood insurance update. As the Treasure State, it's pretty important that we value protecting our properties, livelihoods, and families from natural disasters like floods.

We'll show you the upcoming changes as the National Flood Insurance Program (NFIP) prepares to fully roll out the upcoming Risk Rating 2.0. We want you to understand what's staying, changing, and the overall impact of this update on federal flood insurance, flood insurance policy rate increases and decreases, flood insurance premium, and the overall rating methodology in order to treasure what you have long-term.

The NFIP Risk Rating 2.0 is bound to take effect on October 1st, 2021, and this time around, we should acknowledge that the actual flood risk that we're going to face when a flood happens is not the flood water, but your flood coverage or the lack thereof.

The NFIP Risk Rating 2.0 is bound to take effect on October 1st, 2021.

The NFIP 2.0

The Risk Rating 2.0, or commonly known as NFIP 2.0 as well, is more of a move of equity. This update on the federal flood insurance program itself will allow you to no longer pay more than your fair share when it comes to premiums as this would now be based on the value of your property or home starting this October. 

When we talk about this individual property rating structure, we have to understand that FEMA and the National Flood Insurance Program performs a thorough analysis of years of data when it comes to things like:

  • Flood risks, flood hazards, and flood plain devolvement
  • Amount of flooding in a community/property
  • Flood mitigation efforts
  • Lowest adjacent grade compared to the local base flood elevation
  • History of flood damage and flood claims
  • Flood zone designation in the flood map

The Flood Insurance Guru | Montana Flood Insurance: New Federal Flood Insurance Risk Rating 2.0

When it comes to the rate changes happening across the country, you're going to see these colors in ranges which represent these changes with flood insurance rates from FEMA. Now, each of these colors represents the good, the bad, and the ugly changes coming to each state.

The Flood Insurance Guru | Montana Flood Insurance: New Federal Flood Insurance Risk Rating 2.0

The Good

Let's go over the good things coming to Missouri residents once the Risk Rating 2.0 takes effect across the U.S. We'll show this as the green slice of the pie graph.

The good change is expected to be experienced by 37% or 1,618 policyholders. This will get you an immediate decrease of more than $100 ($1200 per year) on FEMA policy rates. Although Montana is not really surrounded by many bodies of water unlike Mississippi or Missouri, it's still important to note that these areas may experience flooding due to runoff.

Furthermore, you can just look at the properties near the Missouri River crossing through the state and think about the possible overflow that will cause flooding on these areas.

The Bad

Now, we'll move into the blue slice which is also the biggest slice in this Risk Rating 2.0 change coming to the state. We call this a bad change because it's going to give an increase in rates for policyholders.

The increase will range from $0 to $10 per month ($0 - $120 per year) and is expected to impact 58% or 2,512 policies from FEMA in the state. You have to keep in mind that being in this high-risk flood zone especially properties close to rivers, lakes, reservoirs, and all that can get you very expensive premiums with FEMA. Despite the lack of huge bodies of water, FEMA may put you in that high-risk zones depending on the situation.

The Ugly

Lastly, let's look at the most significant changes coming with the Risk Rating 2.0. Now, these slices may show up as the smallest however this is one of the "small but terrible" situations.

The pink slice will cover 3% or 131 policies in Missouri. This is what we consider a less ugly change since the increase has a range. The increase in rates will range from $10 to $20 per month ($120 - $240 per year).

The grey slice on the other hand will be a drastic increase to rates with FEMA policies. This slice will cover 2% or 79 policies in the state and will bring that increase to more than $20 per month (>$240 per year). This is why it's the uglier change between these two since you might even encounter an increase of $100 per month.

The full pie graph can be seen below:

The Flood Insurance Guru | Montana Flood Insurance: New Federal Flood Insurance Risk Rating 2.0

When Will It Happen?

Now, the date when you can adopt this program really depends if you're doing a renewal or if it's a new business policy. You see, you can expect these changes to start on October 1st and you're going to adapt to these rate changes if you're buying flood insurance from FEMA on or after that date. 

On the other hand, if you're doing a renewal with FEMA after that date then you don't have to take in these new rate changes until April 1st, 2022.

So, you want to be very ready for this. We've been talking about this since last year since basically the NFIP is already 30 years old already and is in need of this change. 

If you have questions on these upcoming changes, what are your flood insurance options in Montana, or anything about flood, reach out to us through the links below. You can also watch this on our YouTube channel.

Remember, we have an educational background in flood mitigation and we want to help you understand flood risks through education and awareness in flood insurance and preparedness.

The Flood Insurance Guru | 2054514294    Get Your Quote from Flood Insurance Guru   The Flood Insurance Guru | Chris Greene | YouTube

The Federal Emergency Management Agency (FEMA) is rolling out changes when it comes to flood insurance rates across all states in the country. Today, we will unpack these changes coming to Missouri and how they can impact your flood insurance in the future.

The Flood Insurance Guru | Missouri Flood Insurance: New Federal Flood Insurance Risk Rating 2.0

Previously, we've covered one of the states that have been victimized by floods throughout the years. If you even look at the past 100 years this was the case for certain states in the United States and today we're going to cover another state that has a long history of flood: the Show-Me State of Missouri.

We'll show you the upcoming changes as the National Flood Insurance Program (NFIP) prepares to fully roll out the upcoming Risk Rating 2.0. For a state like Missouri where flooding can happen anytime even with small amounts of rainfall, we want you to understand what's staying, changing, and the overall impact of this update on federal flood insurance.

The NFIP Risk Rating 2.0 is bound to take effect on October 1st, 2021.

The NFIP 2.0

The Risk Rating 2.0, or commonly known as NFIP 2.0 as well, is more of a move of equity. This update on the federal flood insurance program itself will allow you to no longer pay more than your fair share when it comes to premiums as this would now be based on the value of your property or home starting this October. 

The Flood Insurance Guru | Missouri Flood Insurance: New Federal Flood Insurance Risk Rating 2.0

When it comes to the rate changes happening across the country, you're going to see these colors in ranges which represent these changes with flood insurance rates from FEMA. Now, each of these colors represents the good, the bad, and the ugly changes coming to each state.

The Flood Insurance Guru | Missouri Flood Insurance: New Federal Flood Insurance Risk Rating 2.0

The Good

Let's go over the good things coming to Missouri residents once the Risk Rating 2.0 takes effect across the U.S. We'll show this as the green slice of the pie graph.

The good change is expected to be experienced by 30% or 5,840 policyholders. This will get you an immediate decrease of more than $100 ($1200 per year) on FEMA policy rates. Considering that a lot of properties are in high-risk flood zones or special flood hazard areas (SFHA) due to the state's proximity to bodies of water specifically the Mississippi River, this can really help with that expensive federal flood insurance premiums.

The Bad

Now, we'll move into the blue slice which is also the biggest slice in this Risk Rating 2.0 change coming to the state. We call this a bad change because it's going to give an increase in rates for policyholders.

The increase will range from $0 to $10 per month ($0 - $120 per year) and is expected to impact 54% or 10,719 policies from FEMA in the state. For some this may sound tolerable however you have to keep in mind that being in this high-risk flood zone especially properties close to rivers, lakes, reservoirs, and all that can get you very expensive premiums with FEMA.

The Ugly

Lastly, let's look at the most significant changes coming with the Risk Rating 2.0. Now, these slices may show up as the smallest however this is one of the "small but terrible" situations.

The pink slice will cover 9% or 1,702 policies in Missouri. This is what we consider a less ugly change since the increase has a range. The increase in rates will range from $10 to $20 per month ($120 - $240 per year).

The grey slice on the other hand will be a drastic increase to rates with FEMA policies. This slice will cover 7% or 1,448 policies in the state and will bring that increase to more than $20 per month (>$240 per year). This is why it's the uglier change between these two since you might even encounter an increase of $100 per month.

The full pie graph can be seen below:

The Flood Insurance Guru | Missouri Flood Insurance: New Federal Flood Insurance Risk Rating 2.0

When Will It Happen?

Now, the date when you can adopt this program really depends if you're doing a renewal or if it's a new business policy. You see, you can expect these changes to start on October 1st and you're going to adapt to these rate changes if you're buying flood insurance from FEMA on or after that date. 

On the other hand, if you're doing a renewal with FEMA after that date then you don't have to take in these new rate changes until April 1st, 2022.

So, you want to be very ready for this. We've been talking about this since last year since basically the NFIP is already 30 years old already and is in need of this change. 

If you have questions on these upcoming changes, what are your flood insurance options in Missouri, or anything about flood, reach out to us through the links below. You can also watch this on our YouTube channel.

Remember, we have an educational background in flood mitigation and we want to help you understand flood risks through education and awareness in flood insurance and preparedness.

The Flood Insurance Guru | 2054514294    Get Your Quote from Flood Insurance Guru   The Flood Insurance Guru | Chris Greene | YouTube

The Federal Emergency Management Agency (FEMA) is rolling out changes when it comes to flood insurance rates across all states in the country. Today, we will unpack these changes coming to Mississippi and how they can impact your flood insurance in the future.

The Flood Insurance Guru | Mississippi Flood Insurance: New Federal Flood Insurance Risk Rating 2.0

Mississippi has had a very long history of flooding that even up to this date, some people are afraid that history might repeat itself with these devastating floods from way back. With climate change only causing more devastating floods across the U.S. and the Magnolia State itself, we want to make sure that everyone is ready for these possible events especially now that we're officially diving into the hurricane season.

For this one, we want to cover the upcoming changes to federal flood insurance through the National Flood Insurance Program (NFIP), what are staying, and what are changing with flood insurance, rates, and premiums once the Risk Rating 2.0 kicks in.

The Risk Rating 2.0 update is expected to fully roll out on October 1st.

The NFIP 2.0

The Risk Rating 2.0, or commonly known as NFIP 2.0 as well, is more of a move of equity. This update on the federal flood insurance program itself will allow you to no longer pay more than your fair share when it comes to premiums as this would now be based on the value of your property or home starting this October. 

The Flood Insurance Guru | Mississippi Flood Insurance: New Federal Flood Insurance Risk Rating 2.0

When it comes to the rate changes happening across the country, you're going to see these colors in ranges which represent these changes with flood insurance rates from FEMA. Now, each of these colors represents the good, the bad, and the ugly changes coming to each state.

The Flood Insurance Guru | Mississippi Flood Insurance: New Federal Flood Insurance Risk Rating 2.0

The Good

First, it's important to note that there will be good changes coming to Mississippi with this update. Although it may be significantly lower compared to other states, a lot of people will still experience this green slice.

16% or 10,047 policies from FEMA will get an immediate decrease on their flood insurance rates by more than $100 (>$1200 per year). This can really help if you're currently paying expensive federal flood insurance premiums or if your property is very close to any of the numerous lakes within the state or the Mississippi River itself.

The Bad

Now, let's talk about the biggest slice with this change coming to Mississippi flood insurance: the blue slice or bad change as we'd call it. This is because this slice represents the start of getting an increase for your flood insurance rates with your NFIP policy.

The increase ranges from $0 to $10 per month ($0 - $120 per year). It will impact a whopping 74% or 44,643 of the active federal flood insurance policies in the state. This means that you might not get any change or increase on your rates with that $0 or you might start paying for that $10 extra starting this October.

The Ugly

Last but not the least, we have some significant ugly changes coming to residents of the Magnolia State which we'll show as the pink and grey slices. Now, we call this an ugly change because of the significant increase it will bring to those included in these portions.

The pink slice will cover 6% or 3,912 active FEMA policies in the state. Same with the previous one, this also deals with an increase in rates, but this time around it's going to range from $10 to $20 per month ($120 - $240 per year). 

On the other hand, we have the uglier change from the grey slice. This is expected to affect 4% or 2,716 policies in Mississippi. We deem this an uglier change because the increase for these people will be more than $20 per month (>$240 per year). This simply means the people in that 4%, the lowest increase is at $20 so you may start seeing $100 or even more flood insurance rate increase with this slice.

You can see a full graph of these changes below:

The Flood Insurance Guru | Mississippi Flood Insurance: New Federal Flood Insurance Risk Rating 2.0

When Will It Happen?

Now, the date when you can adopt this program really depends if you're doing a renewal or if it's a new business policy. You see, you can expect these changes to start on October 1st and you're going to adapt to these rate changes if you're buying flood insurance from FEMA on or after that date. 

On the other hand, if you're doing a renewal with FEMA after that date then you don't have to take in these new rate changes until April 1st, 2022.

So, you want to be very ready for this. We've been talking about this since last year since basically the NFIP is already 30 years old already and is in need of this change. 

If you have questions on these upcoming changes, what are your flood insurance options in Mississippi, or anything about flood, reach out to us through the links below. You can also watch this on our YouTube channel.

Remember, we have an educational background in flood mitigation and we want to help you understand flood risks through education and awareness in flood insurance and preparedness.

The Flood Insurance Guru | 2054514294    Get Your Quote from Flood Insurance Guru   The Flood Insurance Guru | Chris Greene | YouTube

The Federal Emergency Management Agency (FEMA) is rolling out changes when it comes to flood insurance rates across all states in the country. Today, we will unpack these changes coming to Minnesota and how they can impact your flood insurance in the future.

The Flood Insurance Guru | Minnesota Flood Insurance: New Federal Flood Insurance Risk Rating 2.0

Today, we'll take a dive into the Land of 10,000 Lakes, Minnesota. As the state that borders Canada, is in close proximity to Lake Superior and has a lot of inland bodies of water within the state itself, you can expect that flood can happen anytime even with a small amount of rain. With this in mind, we want to cover the upcoming changes to federal flood insurance in Minnesota.

The National Flood Insurance Program (NFIP) is heading closer to the changes it will have on flood insurance rates and more with the Risk Rating 2.0 that will arrive on October 1st, 2021.

The NFIP 2.0

The Risk Rating 2.0, or commonly known as NFIP 2.0 as well, is more of a move of equity. This update on the federal flood insurance program itself will allow you to no longer pay more than your fair share when it comes to premiums as this would now be based on the value of your property or home starting this October. 

The Flood Insurance Guru | Minnesota Flood Insurance: New Federal Flood Insurance Risk Rating 2.0

When it comes to the rate changes happening across the country, you're going to see these colors in ranges which represent these changes with flood insurance rates from FEMA. Now, each of these colors represents the good, the bad, and the ugly changes coming to each state.

The Flood Insurance Guru | Minnesota Flood Insurance: New Federal Flood Insurance Risk Rating 2.0

The Good

Starting with the good things first, 29% or 3,094 policies will be experiencing the good change from this NFIP 2.0 update. The reasoning behind this is because those who are in that green slice will get an immediate decrease on flood insurance rates of more than $100 ($1200 per year).

When it comes to states like Minnesota where most properties are in that high-risk flood zone or the special flood hazard area (SFHA) like Flood Zone A or AE, flood insurance rates can become really expensive. Getting this type of decrease can really help a lot of people get more flood insurance.

The Bad

Now, let's talk about the change that's impacting most federal flood insurance policyholders in the state: the blue slice. This blue slice actually represents a bad change for 64% or 6,760 policies in Minnesota as this will cause an increase in flood insurance rates.

The increase will range from $0 to $10 per month ($0 - $120 per year). This means that you may not get any changes with your flood insurance rates or you can get than $10 increase by the time October comes with this NFIP 2.0 update.

The Ugly

Lastly, let's talk about the pink and grey slices which we call the ugly change. Now, we'd like to put a disclaimer that this falls under the same change with an increase in flood insurance rates, but one is significantly uglier than the other.

The pink slice will cover 4% or 397 policies and will get you an increase ranging from $10 to $20 per month ($120 - $240 per year). Now, if you compare this with the blue slice, you might get double the increase that they will be getting, and depending on your property's value, flood mitigation efforts, and flood zone, this should sound like you're going to start paying for that more than $1000 premium.

The grey slice is the uglier change between this two because of how drastic the increase is with your flood insurance rate. This will impact 3% or 292 policies in the state and will cause an increase of more than $20 per month (>$240 per year). This means that you might even start to get an increase of $100 per month on your flood insurance rates with FEMA and the NFIP.

You can see a full graph of these changes below:

The Flood Insurance Guru | Minnesota Flood Insurance: New Federal Flood Insurance Risk Rating 2.0

When Will It Happen?

Now, the date when you can adopt this program really depends if you're doing a renewal or if it's a new business policy. You see, you can expect these changes to start on October 1st and you're going to adapt to these rate changes if you're buying flood insurance from FEMA on or after that date. 

On the other hand, if you're doing a renewal with FEMA after that date then you don't have to take in these new rate changes until April 1st, 2022.

So, you want to be very ready for this. We've been talking about this since last year since basically the NFIP is already 30 years old already and is in need of this change. 

If you have questions on these upcoming changes, what are your flood insurance options in Minnesota, or anything about flood, reach out to us through the links below. You can also watch this on our YouTube channel.

Remember, we have an educational background in flood mitigation and we want to help you understand flood risks through education and awareness in flood insurance and preparedness.

The Flood Insurance Guru | 2054514294    Get Your Quote from Flood Insurance Guru   The Flood Insurance Guru | Chris Greene | YouTube

The Federal Emergency Management Agency (FEMA) is rolling out changes when it comes to flood insurance rates across all states in the country. Today, we will unpack these changes coming to Michigan and how they can impact your flood insurance in the future.

The Flood Insurance Guru | Michigan Flood Insurance: New Federal Flood Insurance Risk Rating 2.0

When we talk about the state of Michigan, we have to acknowledge its beautiful lakes hence the nickname Great Lake State. Despite this feat, it's important to note that being surrounded by bodies of water like these is bound to cause some major concerns when it comes to both flood risk and flood insurance.

A homeowner who is close to these bodies of water is also facing a lot higher flood risk due since there's a high chance that when there's heavy rainfall due to a storm, these areas will overflow.

Today, we're going to talk about the good, the bad, and the ugly changes coming to Michigan and its residents with the upcoming FEMA and National Flood Insurance Program's (NFIP) Risk Rating 2.0.

This change is bound to happen on October 1st, 2021.

The NFIP 2.0

The Risk Rating 2.0, or commonly known as NFIP 2.0 as well, is more of a move of equity. This update on the federal flood insurance program itself will allow you to no longer pay more than your fair share when it comes to premiums as this would now be based on the value of your property or home starting this October. 

The Flood Insurance Guru | Michigan Flood Insurance: New Federal Flood Insurance Risk Rating 2.0

When it comes to the rate changes happening across the country, you're going to see these colors in ranges which represent these changes with flood insurance rates from FEMA. Now, each of these colors represents the good, the bad, and the ugly changes coming to each state.

The Flood Insurance Guru | Michigan Flood Insurance: New Federal Flood Insurance Risk Rating 2.0

The Good

Let's start with the good change coming to locals of the Great Lake State itself. Now, this can be very surprising considering that FEMA's ruling on flood insurance rates is based on the risks of your property of flooding.

We'll show this change as the green slice and good news for the locals, there will be a decrease in flood insurance rates for 54% or 11,1120 which takes the biggest chunk out of the active FEMA policies in the state. 

The decrease will be more than $100 ($1200 per year) and will be an immediate one for these residents. Considering that in these areas — where most properties sit on that Flood Zone A or AE — residents face expensive federal flood insurance, this decrease will really help those affected.

The Bad

Now, let's talk about the blue slice which takes another big portion of the FEMA policies in Michigan. This represents a bad change because those affected will get an increase in their flood insurance rates starting in October.

About 42% or 8,436 policies will experience this change on their flood insurance rates once the Risk Rating 2.0 takes effect. The increase will start at $0 up to $10 maximum per month ($0 - $120 per year). This could mean that there won't be any change to your flood insurance rates or you might start to get that increase of up to $10 per month depending on the value of your property.

The Ugly

Lastly, let's go over the last slices you'll see with these changes: the pink and grey slices. Both of these will still cause an increase in rates, but to a different degree hence why we call it the ugly change.

The pink slice will impact 3% or 623 policies in Michigan. This means that these residents will get that increase from $10 to $20 per month ($120 - $240 per year). If we were to consider that the average federal flood insurance premium in the state is currently at $1100, you're going to have to deal with that extra $200 added to this once the NFIP 2.0 kicks in.

The grey slice, on the other hand, is what we consider the uglier change between the two because of the drastic increase it's going to bring with it. This will impact 1% or 302 FEMA policies in Michigan. Now, this one really packs a punch and can blow your flood insurance costs out of the water.

The increase for this 1% will be more than $20 per month (>$240 per year). This means that you might even experience an increase to your rates of more than $100 per month depending on your property's value.

You can see the full graph of this Risk Rating 2.0 changes to Michigan below:

The Flood Insurance Guru | Michigan Flood Insurance: New Federal Flood Insurance Risk Rating 2.0

These price increases or rate increases can really discourage anyone from going through FEMA and the National Flood Insurance Program (NFIP). This is why it's equally important to consider going through the private flood insurance market. Now, it's true and we share this as a fair warning that there's a chance that private carriers may not be the answer to your insurance needs.

This is generally because the private flood market has the option not to provide any policy when there's a higher risk of flooding in a community or individual property. Other than that, you want to get the most out of the hard-earned cash you're dishing out for flood insurance premiums. No one likes to pay for a $3,000 premium, only to get coverage that's only half of your property's market value. 

When Will It Happen?

Now, the date when you can adopt this program really depends if you're doing a renewal or if it's a new business policy. You see, you can expect these changes to start on October 1st and you're going to adapt to these rate changes if you're buying flood insurance from FEMA on or after that date. 

On the other hand, if you're doing a renewal with FEMA after that date then you don't have to take in these new rate changes until April 1st, 2022.

So, you want to be very ready for this. We've been talking about this since last year since basically the NFIP is already 30 years old already and is in need of this change. 

If you have questions on these upcoming changes, what are your flood insurance options in Michigan, or anything about flood, reach out to us through the links below. You can also watch this on our YouTube channel.

Remember, we have an educational background in flood mitigation and we want to help you understand flood risks through education and awareness in flood insurance and preparedness.

The Flood Insurance Guru | 2054514294    Get Your Quote from Flood Insurance Guru   The Flood Insurance Guru | Chris Greene | YouTube

The Federal Emergency Management Agency (FEMA) is rolling out changes when it comes to flood insurance rates across all states in the country. Today, we will unpack these changes coming to Massachusetts and how they can impact your flood insurance in the future.

The Flood Insurance Guru | Massachusetts Flood Insurance: New Federal Flood Insurance Risk Rating 2.0

The State of Massachusetts is one of the most beautiful places where you can get a good time from the coasts. However, when it comes to floods, the coast might be the biggest threat to residents across the state. As we dive deeper into the hurricane season, we'll face that constant threat of coastal floods across the state. When talking about flood risk, this season might be the biggest one since it can bring different types of floods throughout the state.

Every year, everywhere in the country there are floods happening. This may be due to spring runoff, water being redirected away from their natural channels, flash floods, storm surges, and more. This is why it's important to have the right flood coverage for your property and make sure that you minimize the risk of flood damage, if not eliminate it entirely.

Today, we want to discuss your federal flood insurance changes with the National Flood Insurance Program (NFIP) as they wind up to roll out the Risk Rating 2.0. We want to talk about the good, the bad, the ugly changes coming to flood insurance rates, and what it can mean for flood insurance for the Bay State.

These changes are expected to take effect on October 1st, 2021.

The NFIP 2.0

The Risk Rating 2.0, or commonly known as NFIP 2.0 as well, is more of a move of equity. This update on the federal flood insurance program itself will allow you to no longer pay more than your fair share when it comes to premiums as this would now be based on the value of your property or home starting this October. 

Other than the property values, there are other things that take place when FEMA and the National Flood Insurance Program are assessing the flood insurance rates you'll see with the new flood insurance rating structure. You want to consider other important things like:

  • History of flooding and flood damage
  • The overall risk of flooding in the area and flood frequency
  • History of flood insurance claim and flood claims frequency
  • Flood maps designation of the residential property or commercial building
  • Property flood mitigations and relation to the base flood elevation in the state

The Flood Insurance Guru | Maryland Flood Insurance: New Federal Flood Insurance Risk Rating 2.0The Flood Insurance Guru | Massachusetts Flood Insurance: New Federal Flood Insurance Risk Rating 2.0

When it comes to the rate changes happening across the country, you're going to see these colors in ranges which represent these changes with flood insurance rates from FEMA. Now, each of these colors represents the good, the bad, and the ugly changes coming to each state.

t's important to remember that the National Flood Insurance Program will provide you that $250,000 flood insurance coverage on building damage and $100,000 in damage to contents however you're going to have to offset your schedule if you want to get insured right now. The National Flood Insurance Program will still have to follow that 30-day waiting period before the policy can take effect on the property.

The Flood Insurance Guru | Massachusetts Flood Insurance: New Federal Flood Insurance Risk Rating 2.0

The Good

First, let's start with the good change coming to the state of Massachusetts which we'll show as the green slice. This will impact 39% or 22,599 of the active policies that FEMA has in the state.

We call this a good change since it will cause an immediate decrease of more than $100 ($1200 per year) for FEMA policyholders, and when you're in coastal areas like Massachusetts this can really help with that expensive federal flood insurance. Equally, coastal areas like this also face the threat of having the private market pull away from providing flood insurance once the risk becomes too high for them.

This can be very good for those who can't get a policy from the private flood insurance industry. It's important to remember that despite having a shorter waiting period and limitless flood coverage, private companies have the option to stop providing flood policies for high-risk areas and non-renew policies after filing a flood claim.

The Bad

Now, let's move over to the things you need to watch out for with the upcoming NFIP 2.0. Starting with the blue slice, which we also call the bad change. This will be bringing an increase to flood insurance rates to policyholders.

About 49% or 28,787 policies will be impacted by this change. The increase in rates ranges from $0 to $10 per month ($0 - $120 per year). If you look at the current average of $1500 on federal flood insurance in the state, this change can really mean a lot and even harder to swallow for those moving into flood zones where flood insurance will be required.

The Ugly

When it comes to the ugly changes, you're going to have to look at the last two slices on this pie: the pink and grey slices. Although both will bring an increase to rates in Massachusetts policyholders, it's important to highlight here that one will be the uglier change.

The pink slice will cover about 6% or 3,413 of active policies. This will get the affected properties an increase in flood insurance rates ranging from $10 to $20 per month ($120 - $240 per year).

On the other hand, the grey slice is going to impact the remaining 6% or 3,712 policies in the state with an increase in rates of more than $20 per month (>$240 per year). This means that some property owners may have to deal with a $100 increase when the Risk Rating 2.0 kicks in.

The premium increases and rate increases can be very difficult to manage for high-valued homes. No one would want to pay thousands of dollars only to get covered for $250,000 on their $500,000 home. This is why it's important to also connect with a flood specialist on how to get through the private insurance industry. 

You can see the full graph of these changes below:

The Flood Insurance Guru | Massachusetts Flood Insurance: New Federal Flood Insurance Risk Rating 2.0

When Will It Happen?

Now, the date when you can adopt this program really depends if you're doing a renewal or if it's a new business policy. You see, you can expect these changes to start on October 1st and you're going to adapt to these rate changes if you're buying flood insurance from FEMA on or after that date. 

On the other hand, if you're doing a renewal with FEMA after that date then you don't have to take in these new rate changes until April 1st, 2022.

So, you want to be very ready for this. We've been talking about this since last year since basically the NFIP is already 30 years old already and is in need of this change. 

If you have questions on these upcoming changes, what are your flood insurance options in Massachusetts, or anything about flood, reach out to us through the links below. You can also watch this on our YouTube channel.

Remember, we have an educational background in flood mitigation and we want to help you understand flood risks through education and awareness in flood insurance and preparedness.

The Flood Insurance Guru | 2054514294    Get Your Quote from Flood Insurance Guru   The Flood Insurance Guru | Chris Greene | YouTube

The Federal Emergency Management Agency (FEMA) is rolling out changes when it comes to flood insurance rates across all states in the country. Today, we will unpack these changes coming to Maryland and how they can impact your flood insurance in the future.

The Flood Insurance Guru | Maryland Flood Insurance: New Federal Flood Insurance Risk Rating 2.0

The Free State of Maryland has always been subject to floods; its proximity to the coasts and bodies of water within the state itself are catalysts for these floodings to become devastating in one blink of an eye. In recent years, we've seen the state victimized by floods from storms. Today, we want to help our friends over in Maryland with your flood insurance.

On average, more than millions of property owners and properties experience losses that even go to more than a billion dollars due to flood damage. Hurricane season, which generally starts in the month of June also has a lot of data showing how much flood damage the impacted areas get. 

Federal flood insurance is considered the most well-known option when it comes to protecting property from floods. FEMA continuously looking to provide adequate protection to residents through the National Flood Insurance Program (NFIP).

We'll unpack the good, the bad, the ugly changes with the Risk Rating 2.0, and how it will impact federal flood insurance policyholders in Maryland once it kicks in on October 1st, 2021.

The NFIP 2.0

The Risk Rating 2.0, or commonly known as NFIP 2.0 as well, is more of a move of equity. This update on the federal flood insurance program itself will allow you to no longer pay more than your fair share when it comes to premiums as this would now be based on the value of your property or home starting this October. 

We've already covered this in our podcast below, but keep in mind that the NFIP can provide you coverages for damages on your personal property and residential property or commercial building that maxes at $100,000 and $250,000 respectively. In order to get through FEMA and the NFIP, one thing that hasn't changed is that you still need to follow that 30-day waiting period before your flood insurance policy can take effect on your insured property.

The Flood Insurance Guru | Maryland Flood Insurance: New Federal Flood Insurance Risk Rating 2.0

When it comes to the rate changes happening across the country, you're going to see these colors in ranges which represent these changes with flood insurance rates from FEMA. Now, each of these colors represents the good, the bad, and the ugly changes coming to each state.

The Flood Insurance Guru | Maryland Flood Insurance: New Federal Flood Insurance Risk Rating 2.0

The Good

First, let's begin with the good things coming with this NFIP 2.0 update. We'll show this as that green slice. When it comes to this change, we're really happy to see that 61% or 39,905 of federal flood policies in Maryland will experience this change.

Properties affected by this change will get an immediate decrease of more than $100 ($1200 per year). This year, Maryland is about $620, this can really help residents to opt into the federal flood insurance option especially knowing that they can take all risks and rarely non-renews policies.

This can help a lot of homeowners who also can't get a policy written from the private flood insurance market. The private sector is known for its limitless flood insurance coverage and shorter waiting period. Generally, you can have your policy take effect on the same day you pay for it, with a 10-day waiting period, or 14-day waiting period which is significantly quicker compared to FEMA.

However, one of the issues we always see with this sector that gives anxiety for homeowners is that the private insurance company can be in moratoriums when the risk of flooding is too high for their comfort. There's also this chance that after filing for a flood claim and they see that the property has a high risk of flood that they will non-renew your flood insurance policy.

The Bad

Now, the blue slice is going to be a different story here. If you're one of the policyholders included in this change, you're going to have to deal with the bad change with it. This is expected to impact 36% or 23,060 policies in Maryland.

The bad change is due to the fact that there will be an increase ranging from $0 to $10 per month ($0 - $120 per year). This means that you're going to start paying about $700 starting this October. Generally, since we're only talking on average, depending on your property's value, you may even have to pay for more than that amount.

The Ugly

Lastly, we want to cover the smallest percentages you'll see with this Risk Rating 2.0: the pink and grey slices. These two are somewhat similar, but it's important to note that the latter is definitely an uglier of a change than the former.

The pink slice or 2% (1,355) of the active flood insurance policies from FEMA in the state will also experience an increase in their flood insurance rates, but this time around it's going to range from $10 to $20 per month ($120 - $240 per year). This generally means that you're going to have a flood insurance premium of $900 on average.

On the other hand, the grey slice will impact 1% or 624 policies in Maryland. This is what we consider as the uglier change between the two and the ugliest among the rest because the increase will start at $20 per month (>$240 per year). This means that we may even see more than a $100 rate increase.

You can see the full graph of these changes below:

The Flood Insurance Guru | Maryland Flood Insurance: New Federal Flood Insurance Risk Rating 2.0

When Will It Happen?

Now, the date when you can adopt this program really depends if you're doing a renewal or if it's a new business policy. You see, you can expect these changes to start on October 1st and you're going to adapt to these rate changes if you're buying flood insurance from FEMA on or after that date. 

On the other hand, if you're doing a renewal with FEMA after that date then you don't have to take in these new rate changes until April 1st, 2022.

So, you want to be very ready for this. We've been talking about this since last year since basically the NFIP is already 30 years old already and is in need of this change. 

If you have questions on these upcoming changes, what are your flood insurance options in Maryland, or anything about flood, reach out to us through the links below. You can also watch this on our YouTube channel.

Remember, we have an educational background in flood mitigation and we want to help you understand flood risks through education and awareness in flood insurance and preparedness.

The Flood Insurance Guru | 2054514294    Get Your Quote from Flood Insurance Guru   The Flood Insurance Guru | Chris Greene | YouTube

The Federal Emergency Management Agency (FEMA) is rolling out changes when it comes to flood insurance rates across all states in the country. Today, we will unpack these changes coming to Maine and how they can impact your flood insurance in the future.

The Flood Insurance Guru | Maine Flood Insurance: New Federal Flood Insurance Risk Rating 2.0

The Pine Tree State of Maine is always prone to flooding due to its proximity to bodies of water like rivers, creeks, and brooks. A flood can happen any time of the year in this state but is most frequent in the Spring season due to the combination of rainfall and snowmelt. Today, we want to help you understand one of your flood insurance options: federal flood insurance.

Every year, millions of property owners face losses from flood damage and since the overall flood risk in the country is only becoming worse due to climate change and urbanization of certain areas, you want to always have a policy in place to make sure that you're properly protected and have sufficient flood coverage on the damages that you might experience especially during this hurricane season.

The National Flood Insurance Program (NFIP) is bound to make changes for its policies and rates with the Risk Rating 2.0, and we want to unpack the good, the bad, and the ugly changes coming to Maine once this update kicks in.

Nowadays, the actual risk we face when it comes to flooding isn't the natural disaster itself, but the coverages from flood damage with your policy or the lack thereof. This is why it's important to understand the actual flood risk you are facing in Maine in order to answer, are the flood insurance costs I'm facing enough to make me bounce back from any flood loss.

The Risk Rating 2.0 will take effect on October 1st, 2021.

The NFIP 2.0

The Risk Rating 2.0, or commonly known as NFIP 2.0 as well, is more of a move of equity. This update on the federal flood insurance program itself will allow you to no longer pay more than your fair share when it comes to premiums as this would now be based on the value of your property or home starting this October. 

This generally means that your flood insurance policy and flood insurance rates will be considering the current property values across the country among other things. Higher-valued homes may immediately see these rate increases once the Risk Rating 2.0 kicks. You also have to consider the following in determining the overall cost of flood insurance with FEMA and the National Flood Insurance Program:

  • Risk of flood on the community and flood frequency
  • Flood mitigation efforts done on the property
  • Proximity for possible sources of flood waters
  • Flood insurance claims history and flood claims frequency
  • Flood damage history
  • Where the property is in the flood zone maps

The Flood Insurance Guru | Maine Flood Insurance: New Federal Flood Insurance Risk Rating 2.0

When it comes to the rate changes happening across the country, you're going to see these colors in ranges which represent these changes with flood insurance rates from FEMA. Now, each of these colors represents the good, the bad, and the ugly changes coming to each state.

Let's unpack these and see what they mean for flood insurance.

The Flood Insurance Guru | Maine Flood Insurance: New Federal Flood Insurance Risk Rating 2.0

The Good

Let's start with the extreme ranges with the new Risk Rating 2.0. The green slice generally represents what we'd like to call the good change.

This will impact 34% or 2,606 policies in Maine and we call this a good change since it's bound to get an immediate decrease on rates for flood insurance policies. Under this slice will start to get a lower price when it comes to flood insurance premiums of more than $100 ($1200 per year). Considering how the average flood insurance premiums in Maine are about $1100 right now, this can really help people save a lot of money.

The Bad

Now, let's talk about the biggest slice you're going to see with this change. Simply put, once we talk about that blue slice we're going to cover most of the active FEMA flood policies in Maine.

This also covers what we call the bad change since 50% or 3,943 policies will start to get an increase on flood insurance rates ranging from $0 to $10 per month ($0 - $120 per year). This is really significant especially if you're one of those who are moving in a zone where flood insurance is required since you might have to pay for more than $1200 on your flood insurance with FEMA.

The Ugly

Lastly, let's talk about the last two slices coming with the Risk Rating 2.0: the pink and grey slices. Both of these represent an ugly change as it will bring a significantly higher increase compared with the previous one.

The pink slice will impact 7% or 509 policies in Maine and will cause an increase of $10 to $20 per month ($120 - $240 per year). Now, if you compare this to the grey slice, you're looking at an uglier change.

The grey slice will cover a bigger percentage of policies in Maine and will impact 9% or 689 active FEMA policies in the state. The increase will be more than $20 per month (>$240 per year). This means that you're going to start to pay for more than $1500 once these new ratings kick in.

You can see the full graph of these changes here:

The Flood Insurance Guru | Maine Flood Insurance: New Federal Flood Insurance Risk Rating 2.0

When Will It Happen?

Now, the date when you can adopt this program really depends if you're doing a renewal or if it's a new business policy. You see, you can expect these changes to start on October 1st and you're going to adapt to these rate changes if you're buying flood insurance from FEMA on or after that date. 

On the other hand, if you're doing a renewal with FEMA after that date then you don't have to take in these new rate changes until April 1st, 2022.

So, you want to be very ready for this. We've been talking about this since last year since basically the NFIP is already 30 years old already and is in need of this change. 

If you have questions on these upcoming changes, what are your flood insurance options in Maine, or anything about flood, reach out to us through the links below. You can also watch this on our YouTube channel.

Remember, we have an educational background in flood mitigation and we want to help you understand flood risks through education and awareness in flood insurance and preparedness.

The Flood Insurance Guru | 2054514294    Get Your Quote from Flood Insurance Guru   The Flood Insurance Guru | Chris Greene | YouTube

The Federal Emergency Management Agency (FEMA) is rolling out changes when it comes to flood insurance rates across all states in the country. Today, we will unpack these changes coming to Louisiana and how they can impact your flood insurance in the future.

The Flood Insurance Guru | Louisiana Flood Insurance: New Federal Flood Insurance Risk Rating 2.0

Today, we want to talk about the Pelican State of Louisiana and the upcoming change with the federal flood insurance program. Considering how the state faced a lot of floods especially in recent years. If we even just look at what happened this past few months with the flood in Baton Rouge, you'll start to have another good reason to secure your flood insurance on your property.

Let's talk about the National Flood Insurance Program (NFIP) Risk Rating 2.0 and the good, the bad, and the ugly changes it will bring to flood insurance for residents of Louisiana. These changes will start on October 1st, 2021.

The NFIP 2.0

The Risk Rating 2.0, or commonly known as NFIP 2.0 as well, is more of a move of equity. This update on the federal flood insurance program itself will allow you to no longer pay more than your fair share when it comes to premiums as this would now be based on the value of your property or home starting this October. 

Residential properties might be the biggest receivers of these upcoming changes since generally individual properties will be assessed through this new rating structure in the National Flood Insurance Program. This simply means that a lot of things will be put into play when determining if you're going to get price increases or decreases with your flood insurance premiums or flood insurance rates.

You want to consider things like flood insurance claim history, flood damage history, risk of flood in the community, source of flood or water sources like rivers, creeks, reservoirs, and things like that that determine the overall rates for flood insurance cost with FEMA and the NFIP.

The Flood Insurance Guru | Louisiana Flood Insurance: New Federal Flood Insurance Risk Rating 2.0

When it comes to the rate changes happening across the country, you're going to see these colors in ranges which represent these changes with flood insurance rates from FEMA. Now, each of these colors represents the good, the bad, and the ugly changes coming to each state.

The NFIP continues to provide flood insurance coverage for damages to buildings and personal property that maxes to $250,000 and $100,000 respectively. If you're planning to get your flood policy from FEMA and the NFIP, you might want to start now as we're early in the hurricane season since there's still that 30-day waiting period before you can have your policy take effect on your insured property.

Let's unpack these and see what they mean for flood insurance.

The Flood Insurance Guru | Louisiana Flood Insurance: New Federal Flood Insurance Risk Rating 2.0

The Good

First, let's go over the good things coming with this Risk Rating 2.0. We'll show this as the green slice on our pie, and this will be the best slice you'll get with this update.

This change will impact 20% or 101,174 federal flood policies. We call this a good change because it will bring an immediate decrease in rates starting this October. The decrease can be more than $100 ($1200 per year). Since the current average for Louisiana flood insurance with FEMA is about $707, this can really help policyholders manage their federal flood insurance once the NFIP 2.0 kicks in.

The Bad

Now, let's move into the blue slice that covers most of the policies in Louisiana. It's important to note that this blue slice is what we consider the bad change because it will bring an increase in flood insurance rates.

This will impact 70% or 343,246 policies in the state which will get an increase that ranges from $0 to $10 per month ($0 - $120 per year). This can be very significant of a change especially if you are being moved to a zone where flood insurance is required.

The Ugly

Lastly, we want to cover the last two small slices you'll see with these changes. The pink and grey slices equally represent an ugly change to flood insurance in Louisiana. Let's figure out the difference between the two.

The pink slice will cover 7% or 34,352 policies and will cause you an increase that ranges from $10 to $20 per month ($120 - $240 per year). This can easily put you at that $1000 flood premium once the changes kick in October.

On the other hand, the grey slice will be an uglier change between the two because the 3% or 17,159 residents will start to get that increase of more than $20 per month (>$240 per year) on federal flood insurance rates. This also means that you might face more than a $100 per month increase depending on the value of your property.

These price hikes or rate increases may be something that you need to consider especially if you have private flood insurance in mind. You don't really want to pay for a $2,000 up to $4,000 flood insurance premium when you only get to be covered for $250,000 on your $500,000 house.

The private flood insurance market can get you the best bang for the buck when it comes to the cost of flood insurance. You also have that short waiting period with the private sector however, with fair warning, private insurers do have this power to go on moratoriums or non-renew your policy just because of the flood risk on your community, area, or property is just something that doesn't sit well with them. Simply put, they have the option to pick and choose who they provide their services to.

You can see the full graph of these changes here:

The Flood Insurance Guru | Louisiana Flood Insurance: New Federal Flood Insurance Risk Rating 2.0

When Will It Happen?

Now, the date when you can adopt this program really depends if you're doing a renewal or if it's a new business policy. You see, you can expect these changes to start on October 1st and you're going to adapt to these rate changes if you're buying flood insurance from FEMA on or after that date. 

On the other hand, if you're doing a renewal with FEMA after that date then you don't have to take in these new rate changes until April 1st, 2022.

So, you want to be very ready for this. We've been talking about this since last year since basically the NFIP is already 30 years old already and is in need of this change. 

If you have questions on these upcoming changes, what are your flood insurance options in Louisiana, or anything about flood, reach out to us through the links below. You can also watch this on our YouTube channel.

Remember, we have an educational background in flood mitigation and we want to help you understand flood risks through education and awareness in flood insurance and preparedness.

The Flood Insurance Guru | 2054514294    Get Your Quote from Flood Insurance Guru   The Flood Insurance Guru | Chris Greene | YouTube

The Federal Emergency Management Agency (FEMA) is rolling out changes when it comes to flood insurance rates across all states in the country. Today, we will unpack these changes coming to Kentucky and how they can impact your flood insurance in the future.

The Flood Insurance Guru | Kentucky Flood Insurance: New Federal Flood Insurance Risk Rating 2.0

Today, we want to talk about the upcoming federal flood insurance changes to the Bluegrass State of Kentucky. Considering how the state has been subject to flooding in recent years; one even happening earlier this Spring, we want to help residents to understand one of their flood insurance options: The National Flood Insurance Program (NFIP).

We want to unpack the good, the bad, and the ugly changes coming to federal flood insurance with the Risk Rating 2.0 that will take effect on October 1st, 2021.

The NFIP 2.0

The Risk Rating 2.0, or commonly known as NFIP 2.0 as well, is more of a move of equity. This update on the federal flood insurance program itself will allow you to no longer pay more than your fair share when it comes to premiums as this would now be based on the value of your property or home starting this October. 

A lot of things come into play with this new rating structure in FEMA policies. You also have to be aware that things like the history of flood claim and damages, your property's lowest grade position compared to the base flood elevation levels in Kentucky, and overall flood risk will determine the final premium you'll get with FEMA and the NFIP. 

The Flood Insurance Guru | Kentucky Flood Insurance: New Federal Flood Insurance Risk Rating 2.0

When it comes to the rate changes happening across the country, you're going to see these colors in ranges which represent these changes with flood insurance rates from FEMA. Now, each of these colors represents the good, the bad, and the ugly changes coming to each state.

The National Flood Insurance Program provides flood coverage on buildings and personal property or contents lost to flood damage. These coverages maxes to $250,000 and $100,000 respectively. 

Let's unpack these and see what they mean for flood insurance.

The Flood Insurance Guru | Kentucky Flood Insurance: New Federal Flood Insurance Risk Rating 2.0

The Good

First, let's go over the good things coming with this Risk Rating 2.0. We'll show this as the green slice on our pie, and this will be the best slice you'll get with this update.

This will impact 29% or 5,524 policies for the better as it would bring an immediate decrease on flood insurance rates of more than $100 ($1200 per year) for policyholders included in this bracket.

Considering that the average flood insurance premium for the state currently plays around $1100, this can really help residents deal with federal flood insurance especially if you're one of those paying for $2000 to $3000 FEMA premiums right now.

This can also help people with lower-valued homes and lower-income communities get protected from flood damage since FEMA doesn't really pick and choose whom they provide their services to. When it comes to the flood insurance industry, it's important to remember that the private sector flood insurance industry has removed itself from entire communities due to the risk of flooding that the community has. 

The Bad

Now, let's move into the bad change or the blue slice of small increase as we'd like to call it. Yes, this means that 54% or 10,559 policies in Kentucky will have to deal with an increase in their rates starting this October.

The increase ranges from $0 to $10 per month ($0 to $120 per year). This may sound minor, but if you look at it, policyholders who are currently paying for FEMA flood insurance premiums of less than $1000 may start to swallow that 4-digit premium in October.

The Ugly

Lastly, let's talk about the ugly changes coming to residents of Kentucky when it comes to your flood insurance rates. Now, these changes are represented by the last two small slices. Although they may look small, these two packs an ugly punch. Let's talk about the pink and grey ranges.

Starting with the pink slice, which takes about 11% or 2,035 policies in the state, will get an increase on their rates ranging from $10 to $20 per month ($120 - $240 per year). 

Now, let's look at the uglier change with the grey slice. This covers 6% or 1,245 policies from FEMA in the state. If you're part of this slice, you're going to get an increase on your rates of more than $20 per month (>$240 per year). Now, it's important to emphasize that $20 is the lowest increase that the grey slice will get which generally means that you might even start getting an increase of $100 per month once the NFIP 2.0 starts to kick in October.

The rate increases with the Risk Rating 2.0 may not work out for people whose residential properties are more than $250,000. Higher-valued homes are encouraged to go through the private flood insurance market and we also would say the same especially if you're part of those who will get rate increases. You wouldn't want to pay for maybe $3,000 premium only to get covered for $250,000 on the damages to your buildings and not get replacement cost for the things you lost.

You can see the full graph of these changes here:

The Flood Insurance Guru | Kentucky Flood Insurance: New Federal Flood Insurance Risk Rating 2.0

When Will It Happen?

Now, the date when you can adopt this program really depends if you're doing a renewal or if it's a new business policy. You see, you can expect these changes to start on October 1st and you're going to adapt to these rate changes if you're buying flood insurance from FEMA on or after that date. 

On the other hand, if you're doing a renewal with FEMA after that date then you don't have to take in these new rate changes until April 1st, 2022.

So, you want to be very ready for this. We've been talking about this since last year since basically the NFIP is already 30 years old already and is in need of this change. 

If you have questions on these upcoming changes, what are your flood insurance options in Kentucky, or anything about flood, reach out to us through the links below. You can also watch this on our YouTube channel.

Remember, we have an educational background in flood mitigation and we want to help you understand flood risks through education and awareness in flood insurance and preparedness.

The Flood Insurance Guru | 2054514294    Get Your Quote from Flood Insurance Guru   The Flood Insurance Guru | Chris Greene | YouTube

The Federal Emergency Management Agency (FEMA) is rolling out changes when it comes to flood insurance rates across all states in the country. Today, we will unpack these changes coming to Kansas and how they can impact your flood insurance in the future.

The Flood Insurance Guru | Kansas Flood Insurance: New Federal Flood Insurance Risk Rating 2.0

Today, we want to go over the changes coming to federal flood insurance for the Sunflower State of Kansas. We want to unpack the good, the bad, and the ugly changes that the National Flood Insurance Program's (NFIP) Risk Rating 2.0 and how it can impact your flood insurance in the future.

A lot of things will come into play on the rating structure for your flood insurance policy with FEMA. Flood insurance rates won't solely base on the property values in the market, so property owners should be aware of these changes. Things like the history of flood claims, where your lowest grade compared to the base flood elevation that the state or your community has, and risk of flooding (to name a few) are accounted for with this new rating methodology for the National Flood Insurance Program (NFIP).

The Risk Rating 2.0 will take effect on October 1st, 2021.

The NFIP 2.0

The Risk Rating 2.0, or commonly known as NFIP 2.0 as well, is more of equity in action. This update on the federal flood insurance program itself will allow you to no longer pay more than your fair share when it comes to flood insurance rate as this would now be based on the value of individual properties or homes starting this October.

The Flood Insurance Guru | Kansas Flood Insurance: New Federal Flood Insurance Risk Rating 2.0

When it comes to the rate changes happening across the country, you're going to see these colors in ranges which represent these changes with flood insurance rates from FEMA. Now, each of these colors represents the good, the bad, and the ugly changes coming to each state.

Truth be told, the actual flood risk nowadays lies in your protection against flooding or the lack thereof. 

Let's unpack these and see what they mean for flood insurance.

The Flood Insurance Guru | Kansas Flood Insurance: New Federal Flood Insurance Risk Rating 2.0

The Good

First, let's talk about the good change coming to the residents of Kansas. This is represented by that green slice or range. This will impact 38% or 3,694 policies in the state.

When it comes to flood insurance rates, the policyholders under this slice will get an immediate decrease of more than $100 (>$1200 per year). It's important for us to remember that the current average for federal flood insurance in Kansas averages about $980, this decrease can really help NFIP policies be another cheap flood insurance option.

This also somewhat helps people who can't get flood policies through the private flood insurance market. It's important to note that not all property owners in Kansas can get policies from private insurance companies or simply private insurers.

This market can decide when to and when not to provide their services for a property or even an entire community. We've seen this happen in Texas where private sectors of the insurance industry would be in moratoriums and/or non-renew policies after a flood claim just because the communities are becoming more flood prone.

The Bad

Now, when it comes to the blue slice which will impact most of Kansas policies. This slice is composed of 56% or 5,356 policies that will experience a bad change when it comes to flood insurance rates.

This is slice will bring an increase to rates ranging from $0 to $10 per month ($0 - $120 per year). The increase itself will bring up your premium to that $1000 mark easily once these changes kick in October 1st.

The Ugly

Lastly, we want to cover the last two slices you'll see with the NFIP 2.0 changes. It's important to put out a disclaimer that these two may have the smallest percentage, but they're the ones that pack a lot of punch when it comes to the changes to federal flood insurance. Let's break down the pink and grey slices.

The pink slice will impact 3% (296 policies) in the state and will bring an increase that ranges from $10 to $20 per month ($120 - $240 per month). Whereas another 3% (390 policies) goes to that grey range where the increase in flood insurance rates is uglier than the previous one.

This is due to the fact that the increase will be more than $20 per month (>$240 per year). This means that when it comes to that grey range, your increase can go up to more than $100 per month.

You can see a full graph of these changes below:

The Flood Insurance Guru | Kansas Flood Insurance: New Federal Flood Insurance Risk Rating 2.0

When Will It Happen?

Now, the date when you can adopt this program really depends if you're doing a renewal or if it's a new business policy. You see, you can expect these changes to start on October 1st and you're going to adapt to these rate changes if you're buying flood insurance from FEMA on or after that date. 

On the other hand, if you're doing a renewal with FEMA after that date then you don't have to take in these new rate changes until April 1st, 2022.

So, you want to be very ready for this. We've been talking about this since last year since basically the NFIP is already 30 years old already and is in need of this change. 

If you have questions on these upcoming changes, what are your flood insurance options in Kansas, or anything about flood, reach out to us through the links below. You can also watch this on our YouTube channel.

Remember, we have an educational background in flood mitigation and we want to help you understand flood risks through education and awareness in flood insurance and preparedness.

The Flood Insurance Guru | 2054514294    Get Your Quote from Flood Insurance Guru   The Flood Insurance Guru | Chris Greene | YouTube

The Federal Emergency Management Agency (FEMA) is rolling out changes when it comes to flood insurance rates across all states in the country. Today, we will unpack these changes coming to Iowa and how they can impact your flood insurance in the future.

The Flood Insurance Guru | Iowa Flood Insurance: New Federal Flood Insurance Risk Rating 2.0

The Hawkeye state has been subject to flash floods and spring runoff due to its proximity to bodies of water like the Mississippi River and Lake Michigan. It's always important to remember that these nearby waters can bring flooding to an area given the right conditions. In turn, the state has seen its fair share of the flood, and even just early this year, they went through a spring flood.

Today, as we go deeper into the hurricane season, we want to talk about the upcoming changes when it comes to federal flood insurance. We'll unpack the good, the bad, and the ugly changes with the upcoming National Flood Insurance Program (NFIP) Risk Rating 2.0.

It's important to keep in mind that these changes on flood insurance premiums with FEMA may not affect you since you might be doing a policy with private flood insurance and private insurance companies. However, there's always that chance that the insurer will pull away from your community or decide to non-renew once they deem that the risk of flooding for your property is a bit too high for them. This generally leaves people to go back to the National Flood Insurance Program (NFIP) since there are fewer risks of having that kind of experience with the federal government.

At the end of the day, the biggest flood risk we face is not having enough protection from natural disasters like floods, earthquakes, and things like that. It's always better to be safe than sorry.

The NFIP 2.0

The Risk Rating 2.0, or commonly known as NFIP 2.0 as well, is more of a move of equity. This update on the federal flood insurance program itself will allow you to no longer pay more than your fair share when it comes to premiums as this would now be based on the value of your property or home starting this October. 

The Flood Insurance Guru | Iowa Flood Insurance: New Federal Flood Insurance Risk Rating 2.0

When it comes to the rate changes happening across the country, you're going to see these colors in ranges which represent these changes with flood insurance rates from FEMA. Now, each of these colors represents the good, the bad, and the ugly changes coming to each state.

The National Flood Insurance Program (NFIP) continues to provide flood coverage for flood damage to buildings and contents (personal property) of $250,000 and $100,000 maximum respectively.

Let's unpack these and see what they mean for flood insurance.

The Flood Insurance Guru | Iowa Flood Insurance: New Federal Flood Insurance Risk Rating 2.0

The Good

First, let's go over the good things coming with the NFIP 2.0 which is going to be that green slice. This slice is composed of 37% or 4,670 policies in Iowa and will experience a decrease in flood insurance rates.

The decrease can be more than $100 ($1200 per year) and will immediately take effect on policyholders under this range. Since the average premium when it comes to flood insurance from FEMA stands at $1,115 in Iowa, this decrease can really help you save up on those flood premiums. This is significantly better for those who have to pay premiums that range from $2000 to $3000 with FEMA.

A lot of people face a dilemma of buying policies from FEMA since the cost of flood insurance with them is generally higher than the competition. However, with this new rating structure, we encourage people to get flood insurance especially if they have a lower-valued home. This ensures that there's protection for residential properties and commercial ones alike.

The Bad

Moving forward, let's talk about the blue slice which is another extreme range since it's going to impact 52% or 6,529 policies in Iowa.

This is what we call the bad change due to its impact on flood insurance rates to those policyholders. The increase ranges from $0 to $10 per month ($0 - $120 per year). This means that you're going to start paying for your premiums with FEMA at an average of $1,235.

The Ugly

Lastly, we want to move into the last two slices which are the smallest, but has the most drastic change on flood insurance rates. The pink and grey slices fall under the same ugly change because it's going to bring more increase in rates compared to the blue slice. Let's do a breakdown of these two.

Starting with the pink slice which covers 5% or 624 policies in Iowa, there will be an increase that ranges from $10 to $20 per month ($120 - $240 per year). This means that you'll start paying up to $1400 average for that federal flood insurance.

On the grey slice, we're talking about an increase coming to 6% or 815 policies in Iowa. The increase will be more than $20 per month (>$240 per year). This means that you may get an increase of up to $100 or more depending on the value of your property. This can easily bring your premium to that $1500 base price and it may be higher than that.

This can be very difficult to adapt especially for those with higher-valued homes since you might pay for something like a $2,000 flood insurance premium, but you will only be covered to $250,000 on a $1,000,000 property. 

You can see a full graph of these changes below:

The Flood Insurance Guru | Iowa Flood Insurance: New Federal Flood Insurance Risk Rating 2.0

When Will It Happen?

Now, the date when you can adopt this program really depends if you're doing a renewal or if it's a new business policy. You see, you can expect these changes to start on October 1st and you're going to adapt to these rate changes if you're buying flood insurance from FEMA on or after that date. 

On the other hand, if you're doing a renewal with FEMA after that date then you don't have to take in these new rate changes until April 1st, 2022.

So, you want to be very ready for this. We've been talking about this since last year since basically the NFIP is already 30 years old already and is in need of this change. 

If you have questions on these upcoming changes, what are your flood insurance options in Iowa, or anything about flood, reach out to us through the links below. You can also watch this on our YouTube channel.

Remember, we have an educational background in flood mitigation and we want to help you understand flood risks through education and awareness in flood insurance and preparedness.

The Flood Insurance Guru | 2054514294   Get Your Quote from Flood Insurance Guru      The Flood Insurance Guru | Chris Greene | YouTube

The Federal Emergency Management Agency (FEMA) is rolling out changes when it comes to flood insurance rates across all states in the country. Today, we will unpack these changes coming to Indiana and how they can impact your flood insurance in the future.

The Flood Insurance Guru | Indiana Flood Insurance: New Federal Flood Insurance Risk Rating 2.0

The Hoosier State of Indiana, home to Pacers and Indianapolis Indians, has had its fair share of experiences when it comes to flood. If we even just look at the recent years, the state has been subjected to massive floods due to torrential rains and flash floods were always the constant flood risk that locals of the state face especially during the hurricane season.

It's important to note that flash floods nowadays can turn a low-risk flood zone into very flood-prone areas in just a snap of a finger. We've seen this happen in low-lying areas where surface water that's supposed to be sipping into the ground instead runs off to communities causing massive and unexpected flood damage to those who are impacted.

Today, we want to talk about the upcoming changes to your federal flood insurance in Indiana. The National Flood Insurance Program is about to change its flood insurance rates through the Risk Rating 2.0, and we want to help you unpack the good, the bad, and the ugly changes with this new update.

This update will start to take effect on October 1st, 2021.

The NFIP 2.0

The Risk Rating 2.0, or commonly known as NFIP 2.0 as well, is more of a move of equity. This update on the federal flood insurance program itself will allow you to no longer pay more than your fair share when it comes to premiums as this would now be based on the value of your property or home starting this October. 

When we say that this will be based on the value of your property, this doesn't mean that FEMA won't be considering other data they have gathered in relation to how your flood insurance premiums will turn out. The National Flood Insurance Program is also expected to consider the following (to name a few):

  • Risk of flooding in the general community you're in
  • Where your lowest grade sits compared to the local base flood elevation
  • History of flood claims, damage, and how many inches of water you get when there's a flood

The Flood Insurance Guru | Indiana Flood Insurance: New Federal Flood Insurance Risk Rating 2.0

When it comes to the rate changes happening across the country, you're going to see these colors in ranges which represent these changes with flood insurance rates from FEMA. Now, each of these colors represents the good, the bad, and the ugly changes coming to each state.

Let's unpack these and see what they mean for flood insurance.

The Flood Insurance Guru | Indiana Flood Insurance: New Federal Flood Insurance Risk Rating 2.0

The Good

First, let's talk about the biggest slices you'll see in these reports. We want to start with the good news or the good change coming to FEMA flood insurance policyholders in Indiana.

About 46% or 9,163 policies will be in that good change area. This is due to the fact that flood insurance rates will immediately decrease for these residents by $100 or more per month ($1200 per year).  Considering how Indiana's average premium with FEMA is about $1,100, this can really help you get cheap flood insurance or make FEMA an equally viable option when it comes to saving money in flood insurance even if you're paying $2000 or more in premiums every year.

The Bad

Now, moving forward to the blue slice or what we'd call the bad change. This is due to the fact that policyholders from FEMA will get an increase in their flood insurance rates.

About 47% or 9,491 policies in Indiana will go through this increase starting October. The increase ranges from $0 to $10 per month ($0 - $120 per year). Although this may seem a small change, it's still something that you need to prepare for especially with the Risk Rating 2.0.

Since flood insurance rates are determined through the value of your property, flood mitigation efforts, and all that, you might start paying for more than $1200 on average for your federal flood insurance.

The Ugly

Lastly, we want to talk about the last two slices: the pink and grey ones. Now, these two will get you an increase on your flood insurance rates still and are somewhat the same. However, it's important to note that one is a significantly uglier change compared to the other. Let's do a breakdown of each slice.

The pink slice is composed of 4% or 892 federal flood insurance policies in Indiana. We're talking about almost a thousand residents getting an increase on their rates starting this October. This increase starts at $10 and maxes at $20 per month ($120 - $240 per year).

On the other hand, we have the grey slice which is the uglier change between these two. This will impact 3% or 536 policies in Indiana. Now, when it comes to federal flood insurance rate increase, it's going to be uglier as well.

The increase will start at $20 per month and can only get higher from there. We're talking about an increase to your premiums of more than $240 per year. This also means that depending on your property's value and data like flood history, flood claims history, and flood mitigation efforts, you may deal with more than a $100 increase per month.

These changes can easily move your base flood insurance premiums to more than $1500 once the Risk Rating 2.0 starts on October 1st.

A full graph of these changes can be seen below:

The Flood Insurance Guru | Indiana Flood Insurance: New Federal Flood Insurance Risk Rating 2.0

When Will It Happen?

Now, the date when you can adopt this program really depends if you're doing a renewal or if it's a new business policy. You see, you can expect these changes to start on October 1st and you're going to adapt to these rate changes if you're buying flood insurance from FEMA on or after that date. 

On the other hand, if you're doing a renewal with FEMA after that date then you don't have to take in these new rate changes until April 1st, 2022.

So, you want to be very ready for this. We've been talking about this since last year since basically the NFIP is already 30 years old already and is in need of this change. 

If you have questions on these upcoming changes, what are your flood insurance options in Indiana, or anything about flood, reach out to us through the links below. You can also watch this on our YouTube channel.

Remember, we have an educational background in flood mitigation and we want to help you understand flood risks through education and awareness in flood insurance and preparedness.

The Flood Insurance Guru | 2054514294   Get Your Quote from Flood Insurance Guru      The Flood Insurance Guru | Chris Greene | YouTube

The Federal Emergency Management Agency (FEMA) is rolling out changes when it comes to flood insurance rates across all states in the country. Today, we will unpack these changes coming to Illinois and how they can impact your flood insurance in the future.

The Flood Insurance Guru | Illinois Flood Insurance: New Federal Flood Insurance Risk Rating 2.0

When it comes to flood, Illinois is no stranger to this devastating natural disaster especially when you start to look at the history of floods. Even in recent years, the state seems to get no breaks from this. We're talking about the June 2008 flood, the 2011 Spring Flood in the Lower Mississippi River Valley, and the April 2013 Illinois River Flood.

Now, we want to talk about one of your flood insurance options and the one that you can always run to once that private flood option starts to pull away in times of need: the federal flood insurance from the National Flood Insurance Program (NFIP). Specifically, we're going to go over the good, the bad, and the ugly changes that the update to the NFIP will bring with the Risk Rating 2.0

The NFIP 2.0

The Risk Rating 2.0, or commonly known as NFIP 2.0 as well, is more of a move of equity. This update on the federal flood insurance program itself will allow you to no longer pay more than your fair share when it comes to premiums as this would now be based on the value of your property or home starting this October. 

Since these flood insurance rate increases or decreases depends on the risk rating that FEMA has through conducting long-term research on flood damage, risk of flooding, base flood elevation, flood-prone areas, flood risks like storm surge, runoff, and flash floods, flood maps and types of flood that the area experienced, this can mean that not having the right mitigation efforts can cause you to pay for higher rates.

The Flood Insurance Guru | Illinois Flood Insurance: New Federal Flood Insurance Risk Rating 2.0

When it comes to the rate changes happening across the country, you're going to see these colors in ranges which represent these changes with flood insurance rates from FEMA. Now, each of these colors represents the good, the bad, and the ugly changes coming to each state.

The National Flood Insurance Program continues to provide flood coverage on both building and contents wherein it maxes to $250,000 and $100,000 respectively.

Let's unpack these and see what they mean for flood insurance.

The Flood Insurance Guru | Illinois Flood Insurance: New Federal Flood Insurance Risk Rating 2.0

The Good

Starting with the extreme range first, let's talk about that green slice or what we call the good change. This will impact 43% or 15,715 policies in Illinois once the Risk Rating 2.0 starts to take effect in October. 

We call this area a good change because it causes an immediate decrease in your flood insurance rates of $100 per month or more. That totals to a minimum of $1200 annually. This can really help policyholders especially in a state like Illinois where the average flood insurance premium is about $1100 with FEMA's policies.

This can help a lot of people, especially those who are in high-risk flood areas where private insurers may turn away. Since FEMA and the NFIP are bound by the federal government to provide policies for all citizens of the United States, having those lower premiums can really help more people get protected from flood damage.

The Bad

Now, let's talk about another extreme range you'll see with the NFIP 2.0. You'll see this in that blue range or slice which we also call the bad change.

This bad change will impact the largest portion of Illinois federal flood insurance as it will cause an increase to flood insurance rates of 49% or 18,449 policies in the state. The increase will start at $0 and can go up to $10 per month ($0 - $120 per year). Properties impacted by this change will start to pay for more than $1200 per month depending on the value of the property itself.

This also means that the premium increases slightly on your annual payments for FEMA policies. Although it may not sound a lot, if you have higher-valued homes, you might not find this small change to be small at all. It's important to note that this time around, the flood policy price increases in direct correlation to the market value of your property.

The Ugly

Lastly, we want to cover the last two slices you'll see in these reports which we call the ugly change. This is because there will still be an increase for rates on the impacted policies however it will become more significant compared to the previous one. We're going to show this as the pink and grey slices respectively.

First, the pink slice or about 5% (2,052 policies) will experience an increase on their rates from $10 up to $20 per month ($120 - $240 per year).  Whereas, that grey slice will affect 4% (1,466 policies) and will bring an increase of more than $20 per month (>$240 per year) for flood insurance policies in Illinois.

These changes can really blow your insurance premiums right out of the water and cause a burden when it starts to take effect in October since we're talking about a jump from $1100 to $1300 or more.

You can see the full graph of these changes below:

The Flood Insurance Guru | Illinois Flood Insurance: New Federal Flood Insurance Risk Rating 2.0

When Will It Happen?

Now, the date when you can adopt this program really depends if you're doing a renewal or if it's a new business policy. You see, you can expect these changes to start on October 1st and you're going to adapt to these rate changes if you're buying flood insurance from FEMA on or after that date. 

On the other hand, if you're doing a renewal with FEMA after that date then you don't have to take in these new rate changes until April 1st, 2022.

So, you want to be very ready for this. We've been talking about this since last year since basically the NFIP is already 30 years old already and is in need of this change. 

If you have questions on these upcoming changes, what are your flood insurance options in Illinois, or anything about flood, reach out to us through the links below. You can also watch this on our YouTube channel.

Remember, we have an educational background in flood mitigation and we want to help you understand flood risks through education and awareness in flood insurance and preparedness.

The Flood Insurance Guru | 2054514294   The Flood Insurance Guru | Chris Greene | YouTube      Get Your Quote from Flood Insurance Guru

The Federal Emergency Management Agency (FEMA) is rolling out changes when it comes to flood insurance rates across all states in the country. Today, we will unpack these changes coming to Idaho and how they can impact your flood insurance in the future.

The Flood Insurance Guru | Idaho Flood Insurance: New Federal Flood Insurance Risk Rating 2.0

Today, let's go down to the Gem State of Idaho to understand the upcoming changes that are going to come from the National Flood Insurance Program's (NFIP) new Risk Rating for flood insurance across the U.S. The state has a long history of floods, which have become the most common natural disaster that we're facing more than anything else, throughout the years and this is most evident when you look at its Creeks and the Boise River itself. These bodies of water are becoming more and more of a flood risk towards its communities.

This type of history is bound to impact flood insurance with the federal government, so we want to unpack the good, the bad, and the ugly changes for the cost of flood insurance in Idaho with the Risk Rating 2.0. We want to cover what will stay and what will be different once this update kicks in on October 1st, 2021.

The NFIP 2.0

The Risk Rating 2.0, or commonly known as NFIP 2.0 as well, is more of a move of equity in action. This update on the federal flood insurance program itself will allow you to no longer pay more than your fair share when it comes to flood insurance premiums as this would now be based on the value of your property or home starting this October. 

The current market value of the property will depend on the following:

  • Flood map zoning
  • How many of inch of water there is during rains and flood frequency
  • History of flood claims and flood damage on the individual property
  • The lowest grade compared to the state's base flood elevation levels
  • Flood openings and other mitigation efforts

The flood insurance coverage from the NFIP will stay on that $250,000 for building damage and $100,000 for personal or contents damage and will still have to follow that 30-day waiting period for the federal flood insurance policy to take effect on your insured building.

The Flood Insurance Guru | Idaho Flood Insurance: New Federal Flood Insurance Risk Rating 2.0

When it comes to the rate changes happening across the country, you're going to see these colors in ranges which represent these changes with flood insurance rates from FEMA. Now, each of these colors represents the good, the bad, and the ugly changes coming to each state.

Nowadays, floods aren't the only threat we're facing, but it's also important to keep in mind that the actual flood risk you might be facing is not having the best protection and flood policy for your properties.

Let's unpack these and see what they mean for flood insurance.

The Flood Insurance Guru | Idaho Flood Insurance: New Federal Flood Insurance Risk Rating 2.0

The Good

First, we want to talk about one of the extreme ranges you'll see in this update or what we'd like to call the good change. This is generally represented by that green section and is what we call a good change because this will bring an immediate decrease of $100 ($1200 per year).

This is something that about 1,580 or 28% of the current active flood insurance policies from FEMA in the state of Idaho. The decrease itself can be very helpful especially if you're currently paying that premium that averages around $770.

This can really help a lot of people especially those who might be mapped into the high-risk flood zone like Flood Zone A, which are generally homes that sit relatively close to a natural water source or body of water like lakes, rivers, and creeks. This change helps those people to get the right coverage from flood damage through the federal government which is known to take on all risks.

Unlike the private flood insurance market, FEMA and the NFIP don't get to choose which risk they will take or simply put who they gave their flood insurance to. Despite having a significantly shorter waiting period on flood policies from private insurers, it's important to keep in mind that the private market can choose to opt-out of a community or overall reject a person's purchase of flood insurance due to how high the risk for flooding there is on that area.

The Bad

Now, we move forward to the next extreme range in these changes which is generally a bad change for those impacted. This blue range will impact 63% or 3,579 policies in Idaho and will bring an increase to your flood insurance rates of $0 to $10 per month ($0 - $120 per year).

This change can easily put your premiums up along the range of $800 to $900 easy depending on the value of your property. Although this isn't an immediate increase, once you move into these new Risk Rating changes, you're going to start paying for this higher rate.

The Ugly

Lastly, we want to move into the smallest sections of the changes which are separated by that pink and grey range in FEMA's reports. Here we're showing it as the pink section or slice and the grey section or slice. Let's dive into these two and understand why they're the ugly change.

First, we have the pink slice which will cover 6% or 317 FEMA policies in Idaho. This indicates an increase from $10 to $20 per month ($120 - $240 per year). The increase will easily bring your premiums to $900 or even $1000 once this change kicks in.

On the grey range, however, this brings the uglier change between the two and will impact 3% or 169 policies in Idaho. This will cause an increase to flood insurance rates of more than $20 per month (>$240 per year). This blows your premiums out of the water and into that $1000 or more.

Here's a full graph for the changes coming to Idaho:

The Flood Insurance Guru | Idaho Flood Insurance: New Federal Flood Insurance Risk Rating 2.0

When Will It Happen?

Now, the date when you can adopt this program really depends if you're doing a renewal or if it's a new business policy. You see, you can expect these changes to start on October 1st and you're going to adapt to these rate changes if you're buying flood insurance from FEMA on or after that date. 

On the other hand, if you're doing a renewal with FEMA after that date then you don't have to take in these new rate changes until April 1st, 2022.

So, you want to be very ready for this. We've been talking about this since last year since basically the NFIP is already 30 years old already and is in need of this change. 

If you have questions on these upcoming changes, what are your flood insurance options in Idaho, or anything about flood, reach out to us through the links below. You can also watch this on our YouTube channel.

Remember, we have an educational background in flood mitigation and we want to help you understand flood risks through education and awareness in flood insurance and preparedness.

The Flood Insurance Guru | 2054514294    Get Your Quote from Flood Insurance Guru     The Flood Insurance Guru | Chris Greene | YouTube

The Federal Emergency Management Agency (FEMA) is rolling out changes when it comes to flood insurance rates across all states in the country. Today, we will unpack these changes coming to Hawaii and how they can impact your flood insurance in the future.

The Flood Insurance Guru | Hawaii Flood Insurance: New Federal Flood Insurance Risk Rating 2.0

Hawaii has been subject to major flooding in very recent years. We're looking at the incidents in the Ka Loko Reservoir in 2006, the series of thunderstorms over Kaua'i and Oahu in 2018, and the most recent one that flooded the Kaupakalua Dam in the earlier parts of March this year.

In times like this when floods seem to be always there and ready to hit you hard, we want to help our friends in Hawaii understanding their flood insurance when it comes to the federal government. We want to cover the good, the bad, and the ugly changes coming with the National Flood Insurance Program (NFIP) Risk Rating 2.0 on October 1st and what you can do to better prepare and protect yourself from floods.

It's important to note before we move forward that there is still that private flood insurance option available that is known for having shorter waiting period for policies to take effect. However, there's a chance that some communities or areas where the flood risk being too high will cause them to pull the plug in providing insurance for that area.

So, if you want to opt-in with FEMA and the National Flood Insurance Program, you should start as soon as possible so that you can maximize that 30-day waiting period.

The NFIP 2.0

The Risk Rating 2.0, or commonly known as NFIP 2.0 as well, is more of a move of equity. This update on the federal flood insurance program itself will allow you to no longer pay more than your fair share when it comes to premiums as this would now be based on the value of your property or home starting this October. 

The Flood Insurance Guru | Hawaii Flood Insurance: New Federal Flood Insurance Risk Rating 2.0

When it comes to the rate changes happening across the country, you're going to see these colors in ranges which represent these changes with flood insurance rates from FEMA. Now, each of these colors represents the good, the bad, and the ugly changes coming to each state.

Let's unpack these and see what they mean for flood insurance.

The Flood Insurance Guru | Hawaii Flood Insurance: New Federal Flood Insurance Risk Rating 2.0

The Good

To better understand these ranges, it's best that we discuss each change per item on the current FEMA flood policies in force in Hawaii right now. Out of about 61,400 flood insurance policies, 13% (7,924 policies) of these will experience what we call good change.

This change means that the 13% of on that green range will get an immediate decrease of more than $100 on their flood insurance rates ($1200 per year). So that average of $700 premium will really go down for those property owners impacted by this upcoming update.

The Bad

On other hand, we're going to look at the most extreme range that will impact most of these policies under FEMA in Hawaii. This is the blue range in FEMA's reports or the 78% (48,098 policies) will go through this bad change.

We call this a bad change because there's going to be a $0 to $100 per month increase on flood insurance rates ($0 - $120 per year) on your flood policies starting this October.

The Ugly

Lastly, let's go over the ugly changes which are represented by the smallest ranges in these reports. The pink and the grey ranges are 5% (2,812 policies) and 4% (2,549 policies) respectively. Both of these will bring an increase to FEMA policyholders and can be very drastic for those impacted. Let's unpack these increases.

Starting with the 5% or about 2,812 FEMA policies will get that increase on flood insurance rates starting at $10 and up to $20 per month ($120 - $240 per year). This can get your premiums to more than $900 with FEMA once this change takes effect in October.

On the other hand, the 4% or 2,549 policies impacted under that last range will get an even uglier change because this will get you an increase of more than $20 per month (>$240 per year). This generally means that your flood insurance premiums will start at that $1000 mark easily and can blow it right out of the water once the NFIP 2.0 takes effect in October.

We made a graph of these changes below:

When Will It Happen?

Now, the date when you can adopt this program really depends if you're doing a renewal or if it's a new business policy. You see, you can expect these changes to start on October 1st and you're going to adapt to these rate changes if you're buying flood insurance from FEMA on or after that date. 

On the other hand, if you're doing a renewal with FEMA after that date then you don't have to take in these new rate changes until April 1st, 2022.

So, you want to be very ready for this. We've been talking about this since last year since basically the NFIP is already 30 years old already and is in need of this change. 

If you have questions on these upcoming changes, what are your flood insurance options in Hawaii, or anything about flood, reach out to us through the links below. You can also watch this on our YouTube channel.

Remember, we have an educational background in flood mitigation and we want to help you understand flood risks through education and awareness in flood insurance and preparedness.

The Flood Insurance Guru | 2054514294   The Flood Insurance Guru | Chris Greene | YouTube      Get Your Quote from Flood Insurance Guru

The Federal Emergency Management Agency (FEMA) is rolling out changes when it comes to flood insurance rates across all states in the country. Today, we will unpack these changes coming to Georgia and how they can impact your flood insurance in the future.

The Flood Insurance Guru | Georgia Flood Insurance: New Federal Flood Insurance 2.0

The Empire State of the South, Georgia, is one of the states that's on the news in recent years due to floods in recent time. This is bringing a lot of concerns when it comes to flood insurance options since there's always this looming threat of the private flood market backing out when it comes to providing flood insurance in the state. Although this isn't the case, it's best that we prepare and understand your flood insurance options.

Today, we'll unpack the upcoming changes to the National Flood Insurance Program (NFIP), the federal government answer to flood risks, in October as the Risk Rating 2.0 becomes and changes federal flood insurance in the future. We'll discuss the good, the bad, and the ugly changes that the NFIP 2.0 will bring to residents of the Peach State itself.

The NFIP 2.0

The Risk Rating 2.0, or commonly known as NFIP 2.0 as well, is more of a move of equity. This update on the federal flood insurance program itself will allow you to no longer pay more than your fair share when it comes to premiums as flood insurance premiums would now be based on the value of your property or home starting this October 1st. 

The Flood Insurance Guru | Georgia Flood Insurance: New Federal Flood Insurance 2.0

When it comes to the rate changes happening across the country, you're going to see these colors in ranges which are the green, blue, pink, and grey range bars. Now, each of these colors represents the good, the bad, and the ugly changes coming to each state.

Now, let's talk about how these colors will change federal flood insurance in Florida once this update kicks in.

The Flood Insurance Guru | Georgia Flood Insurance: New Federal Flood Insurance 2.0

The Good

Let's start with the good change first which is generally presented by the risk report as the green range bar. What's more important is the percentage and its impact on flood insurance rates.

The green range of good change is the immediate decrease in rates. This decrease can be more than $100 per month ($1200 per year) and will affect about 24% or 19,931 of the NFIP policies in Georgia. This type of decrease can really help a lot of people to stick with their federal flood insurance policy and those who are in more flood-prone areas, which have policyholders face higher premiums.

This can also change how flood insurance options work. Now, maybe you don't have to move into the private flood insurance market who has a history of pulling out from homeowners who have a lot of flood claims and doesn't really like to provide policies for areas where the risk of flooding can be very high.

The Bad

Now, we have to address the range that takes up most of the room in this update, the blue range which we also like to call the bad change. This is due to the fact that 69% or 56,668 policies will get an increase in their federal flood insurance rates.

The increase starts at that $0 mark per month which can mean that there will be very little change and up to $10 per month ($120 per year). This increase of $0 to $10 per month may seem not that big of a change, but it's important to note that this will be on top of that $700 average premium. This increase can mean that you're going to start paying about $820 on average for your FEMA policy.

The Ugly

Lastly, we want to discuss the ugly changes represented by both the pink and grey range in FEMA's report. These two generally take a small percentage of the policies in a state but present the biggest and most drastic increase in rates.

Starting with the pink range, the increase in federal flood rates will start at $10 up to $20 per month ($120 to $240 per year) and will affect 5% or 3,804 of the total policies in force in Georgia.  This can bring up your premiums to that $1000 mark easily.

On the other hand, the grey range is a much uglier change that will cause an increase of more than $20 per month (more than $240 per year). This can really hurt you since premiums will be sure to be more than $1000. This will impact about 2% or 1,598 FEMA policies in Georgia.

You can see a graph of these Risk Rating 2.0 changes below:

When Will It Happen?

Now, the date when you can adopt this program really depends if you're doing a renewal or if it's a new business policy. You see, you can expect these changes to start on October 1st and you're going to adapt to these rate changes if you're buying flood insurance from FEMA on or after that date. 

On the other hand, if you're doing a renewal with FEMA after that date then you don't have to take in these new rate changes until April 1st, 2022.

We've been talking about this since last year since basically the NFIP is already 30 years old already and is in need of this change. If you have questions on these upcoming changes, what are your flood insurance options in Georgia, or anything about flood, reach out to us through the links below. You can also watch this on our YouTube channel.

Remember, we have an educational background in flood mitigation and we want to help you understand flood risks through education and awareness in flood insurance and preparedness.

Get Your Quote from Flood Insurance Guru     The Flood Insurance Guru | 2054514294    The Flood Insurance Guru | Chris Greene | YouTube

The Federal Emergency Management Agency (FEMA) is rolling out changes when it comes to flood insurance rates across all states in the country. Today, we will unpack these changes coming to Florida and how they can impact your flood insurance in the future.

The Flood Insurance Guru | Florida Flood Insurance: New Federal Flood Insurance Risk Rating 2.0

Florida is very famous for its beach and the warmer climate throughout the year however it's also important to remember that this state, being that it's on a coast, is under constant threat of coastal flooding especially during the hurricane seasons. There also a lot of flood risk that the state faces especially when that hurricane season starts where storms, storm surges, and flash flood can happen at any time.

At the same time, since this is a very popular state, a lot of development are happening and sometimes these actions can lead to further worsening the overall flood damage on properties and homeowners. Flood frequencies can be expected to rise due to the development made for the locals.

Today, we'll discuss how the upcoming changes to the National Flood Insurance Program (NFIP) will impact the Sunshine State of Florida, and what it means to federal flood insurance, and flood insurance options as well.

The NFIP 2.0

The Risk Rating 2.0, or commonly known as NFIP 2.0 as well, is more of a move of equity. Other than the Federal Emergency Management Agency (FEMA) making updates on flood maps, cost of flood insurance, and finding better coverage from flood claims, they also want to make sure that the rates for flood policies are justifiable.

This update on the federal flood insurance program itself will allow you to no longer pay more than your fair share when it comes to premiums as flood insurance premiums would now be based on the value of your property or home starting this October 1st. 

The Flood Insurance Guru | Florida Flood Insurance: New Federal Flood Insurance Risk Rating 2.0

When it comes to the rate changes happening across the country, you're going to see these colors in ranges which are the green, blue, pink, and grey range bars. Now, each of these colors represents the good, the bad, and the ugly changes coming to each state.

Now, let's talk about how these colors will change federal flood insurance in Florida once this update kicks in.

The Flood Insurance Guru | Florida Flood Insurance: New Federal Flood Insurance Risk Rating 2.0

The Good

Let's start with the green range bar and go from there. The green area that you're going to be seeing in these reports shows a good change when it comes to flood insurance rates since this is talking about a decrease of more than $100 per month ($1200 per year).

Now, what's important to note with this is that the decrease may be an immediate change as well, meaning that it automatically kicks in with your flood insurance policy if you're included in this range. This is expected to affect 20% or about 342,142 policies in Florida. 

Generally, a lot of people will find the federal government flood insurance to be hard to manage especially due to its higher rates, so you want to move into the private flood insurance market to better maximize the flood insurance costs that you have to manage. This makes it easier for that 20% since they can eliminate the chances of not having any flood insurance at all due to the private market pulling out due to the risk of flood in an area. 

The only thing you might need to worry about is that 30-day waiting period especially since we're already in the hurricane season where the threats we mentioned before can happen overnight. Which is one of the perks from private insurers since they have shorter waiting period for policies to take effect.

The Bad

Now, we're going to move into the biggest range that we'll see in this report which is shown by that pink range and is what we call the bad change since it's going to cause an increase in your flood insurance rates.

This will impact 68% or a whopping 1,178,074 FEMA policies in force in Florida. The increase starts at $0 and will go up to $10 per month ($0 - $120 per year). Considering that Florida averages about $600, your premium can bubble up to $700 or more depending on the value of your property.

Generally, lower-valued homes may not even feel this change, but it can be very hard for those with higher-valued homes and commercial policies since the federal flood industry, since time in memorial, have been putting expensive premiums on these properties.

The Ugly

Lastly, we want to move further down the rabbit hole and discuss the ugly changes which are represented as the pink and the grey range. It's important to note that these are different ranges and the former is certainly less ugly than the latter.

Starting with the pink range or 8% of federal flood insurance policies in Florida (134,572 policies), this range shows that these policies and thus their respective properties will get an increase on their monthly flood insurance rates starting from $10 up to $20 ($120 - $240 per year). 

On the other hand, you want to look at that grey range or 4% of policies in the Sunshine State which will get a significantly higher increase in rates. This is because about 73,113 policies will get an increase of more than $20 monthly (more than $240 yearly).

We call this the ugly change since they can really blow your flood premiums right out of the water and become a headache if you're not really prepared for these changes.

You can see a full graph of these changes right here:

The Flood Insurance Guru | Florida Flood Insurance: New Federal Flood Insurance Risk Rating 2.0

When Will It Happen?

Now, the date when you can adopt this program really depends if you're doing a renewal or if it's a new business policy. You see, you can expect these changes to start on October 1st and you're going to adapt to these rate changes if you're buying flood insurance from FEMA on or after that date. 

On the other hand, if you're doing a renewal with FEMA after that date then you don't have to take in these new rate changes until April 1st, 2022.

We've been talking about this since last year since basically the NFIP is already 30 years old already and is in need of this change. If you have questions on these upcoming changes, what are your flood insurance options in Florida, or anything about flood, reach out to us through the links below. You can also watch this on our YouTube channel.

Remember, we have an educational background in flood mitigation and we want to help you understand flood risks through education and awareness in flood insurance and preparedness.

The Flood Insurance Guru | 2054514294  The Flood Insurance Guru | Chris Greene | YouTube       Get Your Quote from Flood Insurance Guru

The Federal Emergency Management Agency (FEMA) is rolling out changes when it comes to flood insurance rates across all states in the country. Today, we will unpack these changes coming to Washington D.C., and how they can impact your flood insurance in the future.

The Flood Insurance Guru | DC Flood Insurance: New Federal Flood Insurance Risk Rating 2.0

In today's episode, we want to focus on Washington D.C. or the District of Columbia. Being that this is basically the center of our government and everything related to that, we want everyone to be prepared not only for the changes that the new National Flood Insurance Program Risk Rating 2.0 will bring but also how to best prepare for flooding.

We'll unpack the good, the bad, and the ugly changes coming to about 2,400 federal flood insurance policies in force.

The NFIP 2.0

The Risk Rating 2.0, or commonly known as NFIP 2.0 as well, is more of a move of equity. This update on the federal flood insurance program itself will allow you to no longer pay more than your fair share when it comes to premiums as flood insurance premiums would now be based on the value of your property or home starting this October 1st. 

The Flood Insurance Guru | DC Flood Insurance: New Federal Flood Insurance Risk Rating 2.0

When it comes to the rate changes happening across the country, you're going to see these colors in ranges which are the green, light blue, dark blue, and grey range bars. Now, each of these colors represents the good, the bad, and the ugly changes coming to each state.

Now, let's talk about how these colors will change federal flood insurance in Washington D.C. once this update kicks in.

The Flood Insurance Guru | DC Flood Insurance: New Federal Flood Insurance Risk Rating 2.0

The Good

First, let's talk about the extreme range you'll see with the Risk Rating 2.0 and that's the green bar. D.C. might be the state with the biggest good change when this update kicks in.

About 1,737 or 73% of total policies in the District of Columbia will receive a decrease of more than $100 per month ($1200 per year) on their flood insurance rates. Since the average of the premiums in the state is about $815, this will really help you save a lot once the update kicks in.

The Bad

As we're moving into the bad change or the light blue range bar, we're going to see an increase in flood insurance rates for the affected properties. This increase starts at $0 and up to a maximum of $10 per month ($0 - $120 per year) and will affect about 582 or 24% of the active FEMA flood insurance policies in the state. 

This means that we're expecting flood insurance premiums to start at the $900, if not the $1000 mark, once this update starts in October. 

The Ugly

As we move further down the line, we're getting to the smaller percentage but uglier and more drastic rate changes with the NFIP 2.0. There are two parts of this ugly change: the dark blue range and the grey range where the latter is considerably much uglier of a change than the former.

The dark blue range will bring an increase that ranges from $10 to $20 per month ($120 to $240 per year). This change will impact about 42 or 2% of the policies in force.

On the other hand, the grey range will have the 1% or 35 policies get an increase of more than $20 per month ($240 per year). As you can observe this ugly change, whether you're in the dark blue or grey, will blow your insurance premiums out of the water since it will start at that $1000 mark.

A full graph of these changes can be seen below:

When Will It Happen?

Now, the date when you can adopt this program really depends if you're doing a renewal or if it's a new business policy. You see, you can expect these changes to start on October 1st and you're going to adapt to these rate changes if you're buying flood insurance from FEMA on or after that date. 

On the other hand, if you're doing a renewal with FEMA after that date then you don't have to take in these new rate changes until April 1st, 2022.

We've been talking about this since last year since basically the NFIP is already 30 years old already and is in need of this change. If you have questions on these upcoming changes, what are your flood insurance options in Washington D.C., or anything about flood, reach out to us through the links below. You can also watch this on our YouTube channel.

Remember, we have an educational background in flood mitigation and we want to help you understand flood risks through education and awareness in flood insurance and preparedness.

The Flood Insurance Guru | 2054514294  Get Your Quote from Flood Insurance Guru      The Flood Insurance Guru | Chris Greene | YouTube

The Federal Emergency Management Agency (FEMA) is rolling out changes when it comes to flood insurance rates across all states in the country. Today, we will unpack these changes coming to Delaware and how they can impact your flood insurance in the future.

The Flood Insurance Guru | Delaware Flood Insurance: New Federal Flood Insurance Risk Rating 2.0

Today, we're taking a trip to another state in the coastal area, the Blue Hen state of Delaware. Considering how there's a lot of talk about how flooding can devastate the state as well as the threats of flooding that this hurricane season will bring, we want you to join us in preparing for this type of disaster.

Let's jump into the good, the bad, and the ugly changes that FEMA's National Flood Insurance (NFIP) Risk Rating 2.0 or also known simply as NFIP 2.0 when it comes to flood insurance purchase and rates.

The NFIP 2.0

The Risk Rating 2.0, or commonly known as NFIP 2.0 as well, is more of a move of equity. This update on the federal flood insurance program itself will allow you to no longer pay more than your fair share when it comes to premiums as flood insurance premiums would now be based on the value of your property or home starting this October 1st. 

It's important to note that a lot of participating communities will be impacted with this new rating system and policyholders in the National Flood Insurance Program will have to adopt these new ratings in time. Considering that this will impact not just flood insurance policies, flood insurance coverage, but also cost of flood insurance itself, it's important to be ready for any possible impacts this may cause you in the future.

Connecticut Flood Insurance: New Federal Flood Insurance Risk Rating 2.0The Flood Insurance Guru | Delaware Flood Insurance: New Federal Flood Insurance Risk Rating 2.0

When it comes to the rate changes happening across the country, you're going to see these colors in ranges which are the green, blue, pink, and grey range bars. Now, each of these colors represents the good, the bad, and the ugly changes coming to each state.

Now, let's talk about how these colors will change federal flood insurance in Delaware once this update kicks in.

The Flood Insurance Guru | Delaware Flood Insurance: New Federal Flood Insurance Risk Rating 2.0

The Good

First things first, let's talk about the good changes coming with this Risk Rating 2.0 which is showed by the green range bar you see in these reports. This is what we call a good change because it will decrease your flood insurance rates per month by more than $100 ($1200 per year).

This change is expected to impact 38% or 9,847 policies come October. Considering that Delaware averages at about $750 in NFIP premiums, this change will really help you save a lot by the time the NFIP 2.0 kicks in.

This can be very helpful for higher-valued homes since they're the ones with the possible higher premiums with the National Flood Insurance Program. For those with what is considered lower-valued homes can really find better protection for their properties with this new update on flood insurance rate with FEMA.

The Bad

Now, let's move into the bad change which takes up most of the changes coming to Delaware. This is presented through that light blue bar and 52% or 13,531 of FEMA policies will be experiencing an increase in flood insurance rates.

Policyholders can also maximize the perks that come with being one of the communities that participate with the NFIP. This can come in form of subsidized rates through the Community Rating System (CRS) which can help lower these rates despite having some increase. There's also the ICC or Increased Cost of Compliance where the federal government itself will help you finding a methodology when it comes to better mitigation efforts in reducing, if not preventing flood damage on your property.

The increase will start at $0 and maxes to $10 per month ($0 - $120 per year) for these properties. This means that starting October, you're going to start paying $870 on average for your federal flood insurance premiums.

The Ugly

Lastly, let's cover the last two colors we have from Risk Rating 2.0: the dark blue, the ugly change, and the grey range, the uglier change.

Now, both of these would fall under what we'd like to call the ugly change because it's going to bring an increase in rates once the update kicks in, and it's going to be a drastic change when it comes to flood insurance.

The pink range is composed of 8% or 2,190 FEMA policies in Delaware. This is still an ugly change since the increase will now range from $10 minimum to $20 maximum per month ($120 - $240 per year). This means that if you're already paying for the average premium from FEMA right now, it's going to reach that $940 to $1000 mark easily.

This can be very difficult to manage especially for houses that sit close to a water source like rivers, creeks, and lakes. Households will have to either move into the private flood insurance or reallot their budget to accommodate these new rates.

The grey range is an even uglier change especially for the 2% or 581 FEMA flood insurance policyholders since the increase will start at $20 per month ($240 per year). This change significantly blows your premiums out of the water since the average for your flood insurance will start at $940 at the lowest. 

A full graph of these changes can be seen below:

When Will It Happen?

Now, the date when you can adopt this program really depends if you're doing a renewal or if it's a new business policy. You see, you can expect these changes to start on October 1st and you're going to adapt to these rate changes if you're buying flood insurance from FEMA on or after that date. 

On the other hand, if you're doing a renewal with FEMA after that date then you don't have to take in these new rate changes until April 1st, 2022.

We've been talking about this since last year since basically the NFIP is already 30 years old already and is in need of this change. If you have questions on these upcoming changes, what are your flood insurance options in Delaware, or anything about flood, reach out to us through the links below. You can also watch this on our YouTube channel.

Remember, we have an educational background in flood mitigation and we want to help you understand flood risks through education and awareness in flood insurance and preparedness.

The Flood Insurance Guru | 2054514294    Get Your Quote from Flood Insurance Guru    The Flood Insurance Guru | Chris Greene | YouTube

The Federal Emergency Management Agency (FEMA) is rolling out changes when it comes to flood insurance rates across all states in the country. Today, we will unpack these changes coming to Connecticut and how they can impact your flood insurance in the future.

Connecticut Flood Insurance: New Federal Flood Insurance Risk Rating 2.0

As we move deeper into the hurricane season, we're bound to face the threats of flooding everywhere. Considering that there have been drastic changes to climate causing storms to become more severe, we want to be ready at all times. In the state of Connecticut, the threat of coastal flooding is going to get bigger. These high-risk states when it comes to flooding are also facing the threat of having private flood insurance carriers pull away from writing insurance.

Today, we want to focus on federal flood insurance policies which are available for participating communities with the National Flood Insurance Program (NFIP) regardless of how big the flood risk is. We're going to talk about the good, the bad, and the ugly changes that the Risk Rating 2.0 from FEMA will bring to the Constitution State.

The NFIP 2.0

The Risk Rating 2.0, or commonly known as NFIP 2.0 as well, is more of a move of equity. This update on the federal flood insurance program itself will allow you to no longer pay more than your fair share when it comes to premiums as flood insurance premiums would now be based on the value of your property or home starting this October 1st. 

Since the cost of flood insurance rates will solely depend on the data FEMA has on your property, you want to consider the following things in order to understand how your policy will play out with FEMA, these things include:

  • Current market value
  • History of flood damage and potential flood damage in the future
  • History of flood insurance claims with FEMA
  • Your zone in the flood map
  • Flood frequency, flood risks like storm surge, flash floods, etc
  • Average flood insurance in the state/county
  • Flood plain devolvement and flood risk variables

Connecticut Flood Insurance: New Federal Flood Insurance Risk Rating 2.0

When it comes to the rate changes happening across the country, you're going to see these colors in ranges which are the green, blue, pink, and grey range bars. Now, each of these colors represents the good, the bad, and the ugly changes coming to each state.

For this one, we want to focus on Connecticut. Let's unpack these and see what they can mean for flood insurance in the federal government in the near future.

Connecticut Flood Insurance: New Federal Flood Insurance Risk Rating 2.0

The Good

First, we want to cover the extreme ranges that this change covers. Starting with the green range that we call a good change. This will impact about 37% or 12,740 FEMA policies in force in Connecticut. This indicates a good change for policyholders since this will bring a decrease in flood insurance rates from FEMA starting this October.

The decrease in rates will go up to $100 per month ($1200 per year). Now, considering that Connecticut averages at about $1400 when it comes to flood insurance premiums in the NFIP, this can really go down and help you once the update kicks in the Fall season this year.

Connecticut Flood Insurance: New Federal Flood Insurance Risk Rating 2.0

The Bad

Now, if there's a good change, bad change will also be there lurking. In this case, the bad change is represented by that light blue range which represents an increase in rates. This change covers the highest percentage in the report with 46% or 16,280 policies will get an increase of $0 to $10 per month on their flood insurance rates starting this October.

This totals up to $120 per year on your FEMA flood premiums which can cause you to pay more than $1500 in a year. Now, this depends on the value of your property, so the number right there is merely an average.

This can be very shocking for those who are also being mapped into a high-risk flood zone or special flood hazard area (SFHA) when they're previously in a low-risk zone. These properties in the SFHA are required to carry flood insurance with their policy by their banks or mortgage lenders once they're mapped into that zone. 

The Ugly

Lastly, we're going to talk about the ugly change which is represented by the dark blue and grey range in these changes. These two are almost the same except one is less ugly than the other.

Connecticut Flood Insurance: New Federal Flood Insurance Risk Rating 2.0

You see, when it comes to the dark blue range, this shows a bigger increase for policyholders. This range will impact 2,637 policies (about 8% of policies in force from FEMA) and will get you an increase on rates in the minimum of $10 and maxes to $20 per month. This means that you'll have your premiums be in that $1500 to $1800 range starting this October.

On the other hand, let's talk about the uglier change between the two which is represented by that grey range. This means that 9% or 3,172 policies will get the increase for their rates that's more than $20 per month ($240 per year). So, when it comes to the premium you're going to pay in the state of Connecticut, this can be $2000 at the lowest.

You can see a full graph of these changes below:

When Will It Happen?

Now, the date when you can adopt this program really depends if you're doing a renewal or if it's a new business policy. You see, you can expect these changes to start on October 1st and you're going to adapt to these rate changes if you're buying flood insurance from FEMA on or after that date. 

On the other hand, if you're doing a renewal with FEMA after that date then you don't have to take in these new rate changes until April 1st, 2022.

We've been talking about this since last year since basically the NFIP is already 30 years old already and is in need of this change. It's important to start preparing for this especially since there's this possibility that private flood insurance carriers will pull away from Connecticut. We've seen this happen before and even in other states like Texas, so it's best to be prepared when you're left to go with federal flood insurance. It seems that coastal flooding isn't the only threat for the state.

If you have questions on these upcoming changes, what are your flood insurance options in Connecticut, or anything about flood, reach out to us through the links below. You can also watch this on our YouTube channel.

Remember, we have an educational background in flood mitigation and we want to help you understand flood risks through education and awareness in flood insurance and preparedness.

The Flood Insurance Guru | 2054514294    Get Your Quote from Flood Insurance Guru    The Flood Insurance Guru | Chris Greene | YouTube

The Federal Emergency Management Agency (FEMA) is rolling out changes when it comes to flood insurance rates across all states in the country. Today, we will unpack these changes coming to Colorado and how they can impact your flood insurance in the future.

The Flood Insurance Guru | Colorado Flood Insurance: New Federal Flood Insurance Risk Rating 2.0

Colorado has been experiencing a lot of flooding in recent times. Even at the time of writing, 5 inches of rain has caused flash flooding that even closed parks due to the risks it's presenting. Although this might not affect the flood insurance options in the state, it's important to remember that being in constant threat of floods might cause the private market to pull away from these risks.

Today, we want to make sure that you know well your alternative when the private flood isn't available and how the Risk Rating 2.0 that's changing the National Flood Insurance Program (NFIP).

The NFIP 2.0

The Risk Rating 2.0, or commonly known as NFIP 2.0 as well, is more of a move of equity. This update on the federal flood insurance program itself will allow you to no longer pay more than your fair share when it comes to premiums as flood insurance premiums would now be based on the value of your property or home starting this October. 

It's important to note that the rates you'll be getting will be depending on the details FEMA has on your property, so you better watch out for those flood damage, the distance of your lowest grade comparative to the base flood elevation in your community, flood damage and flood claims history, flood frequencies in your area especially in more recent time, and where the flood zone maps you.

 

The Flood Insurance Guru | Colorado Flood Insurance: New Federal Flood Insurance Risk Rating 2.0

When it comes to the rate changes happening across the country, you're going to see these colors in ranges which are the green, blue, pink, and grey range bars. Now, each of these colors represents the good, the bad, and the ugly changes coming to each state.

For this one, we want to focus on the Centennial State of Colorado. Let's unpack these and see what they can mean for flood insurance in the federal government in the near future.

The Flood Insurance Guru | Colorado Flood Insurance: New Federal Flood Insurance Risk Rating 2.0

The Good

First, we want to focus on the extreme ranges that you're going to see in this report which is the green range. Now, this range is a "good change" for FEMA and NFIP flood insurance policyholders.

About 43% or 8,677 policies will experience this good change. The green range represents policies that will start to receive a decrease in flood insurance rates once the NFIP 2.0 kicks in. This decrease will go up to more than $100 per month ($1200 per year) and, in some cases, it can be an immediate decrease for the policyholders.

This can be very helpful for those mapped in the high-risk flood areas or the special flood hazard area (SFHA). Considering that FEMA is gearing towards updating each flood map of the states across the country, this decrease can really give you peace of mind when it comes to paying your flood insurance.

The Bad

Now, let's move into that blue range which we call a "bad change". This will impact about 48% or 9,545 policies that FEMA has in force in Colorado. We call this a bad change because this means that there's going to be an increase in your rates with FEMA once NFIP 2.0 kicks in.

The increase ranges from $0 to $10 per month ($0 - $120 per year). Considering that the average premium in Colorado sits around $850, you're going to expect that your rates to go up to about $920 on average. Since the exact amount of your premium depends on the value of your property, so this amount can blow up to more than $1000.

The Ugly

Lastly, when we're talking about the ugly change we'll be focusing on the pink and grey ranges. Although this generally covers the smallest percentage of these changes, it's the biggest impact especially when it comes to rate changes.

Starting with that pink range, which is about 5% or 945 FEMA policies in Colorado, there's going to be an increase in flood insurance rates of around $10 to $20 per month ($120 to $240 per year). This means that if you're paying about $1000 for your flood policy from FEMA right now, you're going to start paying for up to $1240 starting this October.

On the other hand, when talking about the grey range it's uglier than the one before since this will cause an increase to flood insurance rates of more than $20 per month ($240 per year). This can really skyrocket your premiums with FEMA to more than $1500, even $2000. This is something that 819 policyholders (4% of the total policies in Colorado) to deal with once the Risk Rating 2.0 starts this October.

You can see a full graph for this NFIP 2.0 changes right here:

The Flood Insurance Guru | Colorado Flood Insurance: New Federal Flood Insurance Risk Rating 2.0

When Will It Happen?

Now, the date when you can adopt this program really depends if you're doing a renewal or if it's a new business policy. You see, you can expect these changes to start on October 1st and you're going to adapt to these rate changes if you're buying flood insurance from FEMA on or after that date. 

On the other hand, if you're doing a renewal with FEMA after that date then you don't have to take in these new rate changes until April 1st, 2022.

We've been talking about this since last year since basically the NFIP is already 30 years old already and is in need of this change. It's important to start preparing for this especially since there's this possibility that private flood insurance carriers will pull away from providing policies in Colorado. We've seen this happen before and even in other states like Texas, so it's best to be prepared when you're left to go with federal flood insurance.

If you have questions on these upcoming changes, what are your flood insurance options in Colorado, or anything about flood, reach out to us through the links below. You can also watch this on our YouTube channel.

Remember, we have an educational background in flood mitigation and we want to help you understand flood risks through education and awareness in flood insurance and preparedness.

The Flood Insurance Guru | 2054514294   Get Your Quote from Flood Insurance Guru      The Flood Insurance Guru | Chris Greene | YouTube

The Federal Emergency Management Agency (FEMA) is rolling out changes when it comes to flood insurance rates across all states in the country. Today, we will unpack these changes coming to California and how they can impact your flood insurance in the future.

The Flood Insurance Guru | California Flood Insurance: New Federal Flood Insurance Risk Rating 2.0

We want to cover what Californians who are policyholders of flood insurance from FEMA and the National Flood Insurance Program (NFIP) are going to face come Fall this year. Considering how there areas like Stockton where there's limited access to private flood, it's important to get an idea of the changes coming to your main flood insurance provider: the federal government.

We believe that the actual flood risk being presented to us is not having enough flood coverage for those flood insurance premiums you're paying for. When the cost of flood insurance seems to be higher and higher, we want to help you understand how the landscape of the National Flood Insurance Program will change this year.

We'll talk about the good, the bad, and the ugly changes coming from Risk Rating 2.0 to the Golden State which will start to kick in by October 1st, 2021.

The NFIP 2.0

The Risk Rating 2.0, or commonly known as NFIP 2.0 as well, is more of a move of equity. This update on the federal flood insurance program itself will allow you to no longer pay more than your fair share when it comes to premiums as flood insurance premiums would now be based on the value of your property or home starting this October. 

The Flood Insurance Guru | California Flood Insurance: New Federal Flood Insurance Risk Rating 2.0

Generally, these rate changes will depend on many things that FEMA considers about your property like its market value, what zone it sits on in the flood maps, risk of flooding on individual properties, flood history, and for Californians things like risk of being damaged by storm surge, flood damage and claim records, flood frequencies relative to your properties location, and the position of your house's lowest grade relative to the state's base flood elevation levels. 

When it comes to the rate changes happening across the country, you're going to see these colors in ranges which are the green, blue, pink, and grey range bars. Now, each of these colors represents the good, the bad, and the ugly changes coming to each state.

For this one, we want to focus on the Golden State of California. Let's unpack these and see what they mean for flood insurance in the near future.

The Flood Insurance Guru | California Flood Insurance: New Federal Flood Insurance Risk Rating 2.0

The Good

When talking about these good changes with the Risk Rating 2.0 and how it will change based on your property's value, you also want to include the upcoming changes to flood rates. This good change is in that green range which generally means that you're going to get a decrease in your flood insurance rates. 

About 27% or about 57,549 policies in California will experience this good change in rates. This means that the impacted policyholders on this range will get that decrease of more than $100 per month ($1200 per year) in flood insurance rates. It's important to note that this amount really depends on the value of your property.

This can really help a lot of property owners especially those who carry policies from FEMA for their residential properties since most of the time, being in the coastal flood zone can cause you to have high premium rates with the NFIP. This just might be the answer for those who are facing a hard time with federal flood insurance costs.

The Bad

Now, let's talk about the biggest percentage when it comes to this upcoming change to California. About 63% or 135,640 policies will be in this blue range. This generally means that, on average, there will be an increase from $0 to $10 per month ($0 - $120 per year) on the policyholders in this range. 

Considering that the current premium in California averages $850, you can expect this to go up to an average of $920. Just like in the good change, this would depend on your property value however properties in this blue range will pay somewhere around that number when it comes to their flood policy with FEMA.

It's also important to note that this rate hike is just the beginning since we're just talking about rates and annual rate increases will be another story since this will depend on your property's individual flood risk.

The Ugly

Lastly, let's talk about the ugly change which falls in that last 10% of the range. For this one, we're going to separate that 6% from the pink range and 4% from the grey range. Let's go a little bit deeper into these changes.

When it comes to that pink range, which we consider to be the less ugly change, policyholders will still experience an increase in their rates, but this time around it's going to range from $10 to $20 per month ($120 - $240 per year). This means that 6% of California's policyholders (13,560 FEMA policies) are going to pay around $970 up to $1100 in their flood premiums starting this October.

On the grey range, we're talking about the uglier change between the two because this means that the 4% or about 8,116 policies from FEMA in the state will get more than a $20 increase per month ($240 per year). This means that you're going to pay more than $1200 for your FEMA flood policy starting this October.

Here's a full graph of these upcoming changes to California:

The Flood Insurance Guru | California Flood Insurance: New Federal Flood Insurance Risk Rating 2.0

When Will It Happen?

Now, the date when you can adopt this program really depends if you're doing a renewal or if it's a new business policy. You see, you can expect these changes to start on October 1st and you're going to adapt to these rate changes if you're buying flood insurance from FEMA on or after that date. 

On the other hand, if you're doing a renewal with FEMA after that date then you don't have to take in these new rate changes until April 1st, 2022.

We've been talking about this since last year since basically the NFIP is already 30 years old already and is in need of this change. It's important to start preparing for this especially since there's this possibility that private flood insurance carriers will pull away from providing policies in California. We've seen this happen before and even in other states like Texas, so it's best to be prepared when you're left to go with federal flood insurance.

If you have questions on these upcoming changes, what are your flood insurance options in California, or anything about flood, reach out to us through the links below. You can also watch this on our YouTube channel.

Remember, we have an educational background in flood mitigation and we want to help you understand flood risks through education and awareness in flood insurance and preparedness.

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