We have already dove into the upcoming changes to the flood insurance rate in Arkansas statewide in our previous blog.

Today, we want to dive deeper into further understanding these changes as we focus on smaller parts of the state, the counties that are most impacted by these upcoming events to the federal flood insurance rates.

NFIP: Federal Answer to a Flood Event

We encourage everyone to get a flood policy for your properties since flood happens everywhere and most of the time without notice. One afternoon, you might get a moderate rainfall that lasts until late in the evening in Little Rock and you might be surprised to see how an inch of water from rain can bring flood coming in from your basement door. Regardless of your flood zone, flooding happens everywhere.

However, getting flood insurance is simply the first step in making sure that you're protected. It's another thing if when you miss out on changes coming to your policy. It isn't a question of where to get flood insurance nowadays since there's a lot of flood insurance companies out there.

You have private insurance companies building up a community for private flood insurance and also the more widely known federal government and the National Flood Insurance Program (NFIP).

These NFIP flood insurance cover both damages to the building and contents. When we say building, this generally pertains to a residential property or a commercial structure that gets flood coverage that maxes out to $250,000 (up to $500,000 for commercial flood policies only). At the same time, you'll also find contents coverage of $100,000 or the personal property you have listed with the insured building.

FEMA and the NFIP also help in other ways as well since policyholders are eligible for their Increased Cost of Compliance (ICC) and what's called the Community Rating System (CRS).

The ICC is an additional $30,000 flood coverage to give way for flood mitigation efforts for the insured property to avoid massive losses from a future flood event. The CRS on the other hand is a community-based rating system that measures the overall flood mitigation efforts made by the community in general; basically, this means that the higher your CRS score is, the bigger the discount. 

Risk Rating 2.0

First, let's go through a brief rundown of the changes coming to the National Flood Insurance Program (NFIP) which is provided by the federal government under the Federal Emergency Management Agency (FEMA). These changes are through what's called the Risk Rating 2.0.

This is what FEMA calls equity in action when it comes to making the cost of flood insurance policies fairer per policyholder. Generally, this is because property values for each individual property will be accounted for when finalizing your quote and flood insurance premiums with the National Flood Insurance Program (NFIP).

It's important to note, however, that this won't mean that the cheapest flood insurance will go automatically to lower-valued homes. It's equally important that we take into account, just like FEMA does and the private flood insurance industry, what's called flood risk variables which includes, but is not limited to the following:

• Flood zone designation in the flood map. Is the property in a high-risk flood zone or a low-risk flood zone?
• History of flood incidents, flood damage, and flood loss experienced by the insured property
• Flood claims made in the last ten years 
• Flood hazard like proximity to the closest water source or body of water
• Overall risk for flooding in the area and chance of flooding
• Mitigation efforts made on the property. Are there enough flood openings? Is the lowest floor above the base flood elevation?

Today, we want to focus on the good, the bad, and the ugly changes to Pulaski County's policyholders with FEMA in this new rating methodology. The Risk Rating 2.0 and its changes will be starting this October 1, 2021.  

The Good

We want to cover the good things coming to Pulaski County people first. We'll divide these good changes into two to specify the changes coming to flood insurance rates. This good change will bring an immediate decrease in the premium rates of those impacted. About 30.7% or 770 of the policies in the county will get impacted by this change.

The first half will impact about 16.1% or 406 policies will be getting a decrease that ranges from $0, which means there'll be no change at all, to $50 per month ($0 - $600 per year). The other half of this good change impacts 14.5% or 365 policies which will get a better deal since the decrease ranges from $50 to more than $100 per month ($600-$1200 per year). 

The Bad

Now, let's move into the bad news and bad changes that the Risk Rating 2.0 will bring to residents of Pulaski County in Arkansas About 56.2% or 1,412 policies in force from FEMA will get an increase ranging from $0 to $10 per month ($0 - $120 per year).

The Ugly

Lastly, let's move to the farther end of the graph and talk about the ugly news. This is divided into three parts: what we'll call the less ugly, the ugly, and the ugliest. 

The less ugly will impact 8.8% or 221 of the policies. 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).

On the other hand, when it comes to that ugly portion, we're going to start to talk about a more drastic increase in flood insurance rates. Another 3.8% or 95 policies fall under this change. The increase in rates will be from $20 to $50 per month ($240 to $600 per year). 

Lastly, the ugliest of these three is something that 0.6% or 15 policyholders will have to deal with. The rate increases, this time around, from $50 to more than $100 per month ($600 - $1200 per year).

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.

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, or the date of your upcoming policy renewal.

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 Arkansas, 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.

As we dive deeper into the hurricane season, we also have to prepare for the upcoming changes to flood insurance across the United States. The Federal Emergency Management Agency (FEMA) is rolling out changes when it comes to flood insurance rates across all states in the country.

Let's saddle up as we lasso the changes coming to federal flood insurance in the Cowboy State of Wyoming.

Wyoming has a colorful history of floods. Just like the other states, when we travel back to the 1900s, we're going to see a lot of flood events that impacted the state. For this one, we want to focus on the two more recent floodings which happened in Wyoming.

In June 2010, rain and rapid snowmelt caused massive summer flooding in Fremont County. This disastrous event alone caused about $7 million in damages. This is why we really highlight the threats of these spring runoff. In the same month five years after, the state also witnessed devastating flash floods due to torrential rain and thunderstorms in Niobrara County. 

This is why it's important to understand your flood insurance since this is the only protection you can get against such force of nature. Getting flood insurance policies for your properties both residential property, commercial property, and contents or personal property is one great start in making sure that you're prepared and protected from flood damage. However, this can only get you far especially if you're not up-to-date when it comes to the changes coming to flood insurance.

We've seen this happen in federal flood insurance where some policyholders would be caught off guard with the price hike on their rates since they didn't follow the latest flood map updates. There are also private companies suddenly doing moratoriums and nonrenewing leaving homeowners without flood insurance.

Today, we want to focus on the National Flood Insurance Program (NFIP) as the landscapes of federal flood insurance will change with the Risk Rating 2.0. We will understand what the Risk Rating 2.0 changes can mean to flood insurance and answer:

The Risk Rating 2.0 is expected to drop 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 that the federal government, FEMA, and the National Flood Insurance Program won't solely rely on the property values when calculating the flood insurance premium they'll give for each homeowner or policyholder.

This doesn't mean that all expensive property or higher-valued homes will be the only ones to experience rate hikes and lower-valued homes up to middle-income policyholders will be the only ones to get a decrease in their flood insurance rates. The pricing methodology will also rely on the flood data such as:

• Overall risk of flooding and flood frequency in your community
• History of flood damage and flood loss on the property
• History and number of legitimate claims for flood insurance made in the last ten years
• Mitigation projects made on the property. Are there flood openings? Is the lowest floor above the base flood elevation?
• Flood map data. Are you sitting in a designated high-risk flood zone?
• Possible flood hazard and other flood risk variables. How far is the nearest water source or body of water? Is the area prone to coastal erosions?

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 Good

Let's start this one with good news or what you'll see in our graph as a green portion. This will affect 33% or 561 policies in Wyoming and generally reflects the good change because there will be a decrease in flood insurance rates for those who are included in this portion.

The decrease in FEMA policy rates will be more than $100 ($1200 per year). This type of change can really help those who aren't getting in the private flood market or want to continue their policies with FEMA.

The Bad

If there's good news, there is also bad news. This is represented by that blue portion in the graph which is composed of 60% or 1,017 policies from FEMA in the state.

This is what we call a bad change for these policyholders since there will be a small increase in flood insurance rates starting this October. Once the Risk Rating 2.0 takes effect, there will be an increase ranging from $0 to $10 per month ($0 - $120 per year).

This means that you might not experience any change will flood insurance when you fall to that $0 or you can get up to a $10 increase.

The Ugly

Lastly, we want to talk about the ugly changes coming with the Risk Rating 2.0. This will be shown by the pink and grey portions respectively. Both of these will still deal with getting you an increase in the rates you have with FEMA.

Starting with the pink portion, 4% or 76 policies in Wisconsin will get an increase ranging from $10 to $20 per month ($120 - $240 per year).

Whereas the grey portion will cover only 3% or 51 policies in the state. Despite having a small percentage, it's important to note that this will have the most drastic increase of more than $20 per month (>$240 per year). 

You can see the full pie graph of these changes coming to Wyoming 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 Wisconsin, 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.

         

As we dive deeper into the hurricane season, we also have to prepare for the upcoming changes to flood insurance across the United States. The Federal Emergency Management Agency (FEMA) is rolling out changes when it comes to flood insurance rates across all states in the country.

Today, as we approach our series on the changes on federal flood insurance per state, we'll dive into the Dairyland of America itself, Wisconsin.

Wisconsin has a known history of devastating floods in the course of its history and unfortunately, this might happen again considering how climate change has also been changing the course of natural disasters across the United States and the world.

If you may recall, we've seen St. Croix County experience the dangers of deadly flash floods due to heavy rainfall which happened in June 2020. At one point over 50 roads were closed in the area due to flooding. Earlier in the same year, winter storms caused a huge disaster across the South and Midwest; this had Wisconsin experience threats of flash floods and Lake Michigan becoming a catalyst for a lot of flooding in the state.

As we face the consequences of climate change in form of unpredictable water levels of lakes, which are something that Wisconsin is surrounded by, we want to unpack the upcoming changes to your protection against floods: the National Flood Insurance Program (NFIP). The NFIP is looking to update its overall system when it comes to flood policy through Risk Rating 2.0 that will take effect starting this October 2021.

Getting a flood insurance policy for your residential property or commercial building is a great start when it comes to flood preparedness and awareness, but this won't really get you far if you fall out of the loop when it comes to the changes coming to flood insurance nationwide. Regardless if it's from the federal government under FEMA and the National Flood Insurance Program or the private flood market and private insurance companies.

We will understand what the Risk Rating 2.0 changes can mean to flood insurance and answer:

• What are the impacts?
• Who will be impacted?
• The good, the bad, and the ugly
• When will these changes happen?

 

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 doesn't mean that the cost of flood insurance will be based solely on property value hence not all expensive property or higher-valued homes will get a premium increase or lower-valued homes will automatically get a decrease. You also want to consider what both insurance company considers which is the overall flood data for your property. These things are as follows:

• Overall flood risk and flood frequencies in the community
• History of flood damage and flood loss on the property listed
• History and frequency of flood claims made in the last ten years
• Flood map designation. Is the property in a high-risk area (high-risk flood zone or the special flood hazard area) or in a low-risk area (low-risk flood zone or preferred zone)?
• Mitigation efforts made on the property. Are there enough flood openings? Is the lowest floor above the base flood elevation?

Making sure that you are knowledgeable when it comes to these things also gives you a chance to further understand if your flood coverage is reasonable when it comes to the insurance premium rates you're paying. Generally, this also helps you understand future flood risks. This is why we also highly encourage you to reach out to your insurance agent or with our team to get an informed decision before you sign those policy papers and start paying for them.

Nowadays, the biggest potential damage that we face isn't what the flood event inundates, but the concern of what our policies in flood insurance cover or the lack thereof. 

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 Good

Let's start this one with good news or what you'll see in our graph as a green portion. This will affect 44% or 5,669 policies in Wisconsin and generally reflects the good change because there will be a decrease in flood insurance rates for those who are included in this portion.

The decrease in FEMA policy rates will be more than $100 ($1200 per year). This type of change can really help those who aren't getting in the private flood market or want to continue their policies with FEMA.

The Bad

If there's good news, there is also bad news. This is represented by that blue portion in the graph which is composed of 51% or 6,577 policies from FEMA in the state.

This is what we call a bad change for these policyholders since there will be a small increase in flood insurance rates starting this October. Once the Risk Rating 2.0 takes effect, there will be an increase ranging from $0 to $10 per month ($0 - $120 per year). This means that you might not experience any change will flood insurance when you fall to that $0 or you can get up to a $10 increase.

The Ugly

Lastly, we want to talk about the ugly changes coming with the Risk Rating 2.0. This will be shown by the pink and grey portions respectively. Both of these will still deal with getting you an increase in the rates you have with FEMA.

Starting with the pink portion, 3% or 449 policies in Wisconsin will get an increase ranging from $10 to $20 per month ($120 - $240 per year).

Whereas the grey portion will cover only 2% or 254 policies in the state. Despite having a small percentage, it's important to note that this will have the most drastic increase of more than $20 per month (>$240 per year). 

You can see the full pie graph of these changes coming to Wisconsin 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 Wisconsin, 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.

       

As we dive deeper into the hurricane season, we also have to prepare for the upcoming changes to flood insurance across the United States. The Federal Emergency Management Agency (FEMA) is rolling out changes when it comes to flood insurance rates across all states in the country.

The Mountain State, West Virginia has been through very significant flood events in more recent years. We've seen this happen in 2016 when thunderstorms brought torrential rains which dumped 8 to 10 inches of rainfall in just 12 hours. This flood sadly took 23 lives across the state with Greenbier County having the highest number of casualties from the devastating flood.

Earlier this month of June, we've also seen flooding happen in the state. The flood was also caused by 2 inches of rainfall being dumped in a course of about an hour. Within that hour, a lot of roads, parks, and even trees were once again devastated. At the time of writing, the impact of what happened is still felt by the residents.

This is one of the reasons why we highly encourage protecting your property through flood insurance, so you can focus on making sure that you're safe. The National Flood Insurance Program (NFIP), which is one of the more known flood insurance go-to of people across the country, is bound to change with the Risk Rating 2.0.

We will understand what the Risk Rating 2.0 changes can mean to flood insurance starting this October 1, 2021, and answer:

• What are the impacts?
• Who will be impacted?
• The good, the bad, and the ugly
• When will these changes happen?

 

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 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 Good

Starting off with the good things, West Virginia residents who have flood policies with FEMA and the NFIP will be experiencing these changes coming to Risk Rating 2.0. The good thing is due to the fact that there will be a decrease in flood insurance rates with FEMA.

This change is something that 17% or 2,325 policyholders will experience. The decrease itself will be more than $100 (>$1200 per year) which can kick in immediately. In coastal areas like this where there's a constant risk of flood due to storm surge, it can be very helpful for those who are looking to get protected from unwanted flood loss to have this type of decrease.

The Bad

There are also some bad changes happening to residents of West Virginia when it comes to federal flood insurance. We'll show this as the blue portion of the graph and will cause an increase in flood insurance rates.

This will impact 60% or 7,974 policies in the state who are going to get that small increase. The increase in rates will range from $0 to $10 per month ($0 - $120 per year). Generally, this range can put you in a position where you might not have any change with your flood insurance rates with FEMA hence the range starting from $0 per month.

The Ugly

Lastly, we also have the ugly changes which will be shown by the pink and grey portions. These changes will impact a total of 23% of the policies that FEMA has in force in the state which is one of the biggest ugly changes we're going to see with these changes. This will cause a more significant increase in your rates once the Risk Rating 2.0 kicks in. Let's break them down a bit.

The pink portion will cover the bigger 15% of the two or about 1,939 policies in the state. The increase this time around will be ranging from $10 to $20 per month ($120 - $240 per year) which is why we put this in the ugly change. Virginia has expensive flood insurance premiums from FEMA and when you have to deal with an increase, it may not really help you in choosing federal flood insurance.

On the other hand, we still have to address the grey portion which is the uglier change between the two. This is generally because the increase will be more than $20 per month (>$240 per year). The increase is also expected to have some policyholders even get more than $100 per month increase in their rates with FEMA. This will impact 8% or 1,130 policies in West Virginia. 

You can see the 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.

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. Some would even say that the current NFIP ways are already outdated which really begs for this Risk Rating 2.0 to happen.

If you have questions on these upcoming changes, what are your flood insurance options in West Virginia, 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 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 State and how they can impact your flood insurance in the future.

Washington has one interesting history when it comes to flood events. You will be able to see that most of these floods happened in more recent years ranging from the early 2000s and more recently. This begs asking if this type of flooding can happen again in the near future.

Getting flood insurance policies to protect your property, be it a residential property or commercial building is a great start in making sure that you are prepared for possible flood damage and flood loss.

However, the biggest damage that floods can bring is when someone doesn't have flood insurance just because they don't think they need it or even worst, paying for expensive flood insurance premiums only to get flood coverage for a substantially smaller amount.

It's crucial that you, as a homeowner or business owner, are updated when it comes to the changes that may happen with your flood insurance policy. This is regardless of it coming from the federal government, Federal Emergency Management Agency (FEMA), National Flood Insurance Program, or the private market which is managed by private insurance companies. Today, let's talk about the upcoming changes to federal flood insurance in the Evergreen State.

The National Flood Insurance Program (NFIP) is bound to change its rating system for the people they provide flood policies to. These changes will be a big part of the Risk Rating 2.0 that's going to start impacting the federal flood insurance landscape on October 1, 2021.

We will understand what the Risk Rating 2.0 changes can mean to flood insurance and answer:

• What are the impacts?
• Who will be impacted?
• The good, the bad, and the ugly
• When will these changes happen?

 

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 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 Good

Starting off with the good things, Washington residents who have flood policies with FEMA and the NFIP will be experiencing these changes coming to Risk Rating 2.0. The good thing is due to the fact that there will be a decrease in flood insurance rates with FEMA.

This change is something that 33% or 10,717 policyholders will experience. The decrease itself will be more than $100 (>$1200 per year) which can kick in immediately. In coastal areas like this where there's a constant risk of flood due to storm surge, it can be very helpful for those who are looking to get protected from unwanted flood loss to have this type of decrease.

The Bad

There are also some bad changes happening to residents of Washington when it comes to federal flood insurance. We'll show this as the blue portion of the graph and will cause an increase in flood insurance rates.

This will impact 55% or 17,858 policies in the state who are going to get that small increase. The increase in rates will range from $0 to $10 per month ($0 - $120 per year). Generally, this range can put you in a position where you might not have any change with your flood insurance rates with FEMA which is why there's a $0 there. 

The Ugly

Lastly, we also have the ugly changes which will be shown by the pink and grey portions. These changes will impact a total of 12% of the policies that FEMA has in force in the state and will cause a more significant increase in your rates once the Risk Rating 2.0 kicks in. Let's break them down a bit.

The pink portion will cover the bigger 8% of the two or about 2,566 policies in the state. The increase this time around will be ranging from $10 to $20 per month ($120 - $240 per year) which is why we put this in the ugly change. Virginia has expensive flood insurance premiums from FEMA and when you have to deal with an increase, it may not really help you in choosing federal flood insurance.

On the other hand, we still have to address the grey portion which is the uglier change between the two. This is generally because the increase will be more than $20 per month (>$240 per year). The increase is also expected to have some policyholders even get more than $100 per month increase in their rates with FEMA. This will impact 4% or 1,406 policies in Washington. 

You can see the 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.

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. Some would even say that the current NFIP ways are already outdated which really begs for this Risk Rating 2.0 to happen.

If you have questions on these upcoming changes, what are your flood insurance options in Washington, 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 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 Virginia and how they can impact your flood insurance in the future.

Virginia has one interesting history when it comes to flood events. You will be able to see that most of these floodings happen due to hurricanes. In fact, more recently, the Northern parts of the state are facing threats of flash floods due to 9 inches of rain being dumped by the low-pressure systems blanketing the state.

Let's talk about the upcoming changes to flood insurance in Virginia, the Mother of States.

The National Flood Insurance Program (NFIP) is bound to change its rating system for the people they provide flood policies to. These changes will be a big part of the Risk Rating 2.0 that's going to start impacting the federal flood insurance landscape on October 1, 2021.

We will understand what the Risk Rating 2.0 changes can mean to flood insurance and answer:

• What are the impacts?
• Who will be impacted?
• The good, the bad, and the ugly
• When will these changes happen?

 

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 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 Good

Starting off with the good things, Virginia locals who have flood policies with FEMA and the NFIP will be experiencing these changes coming to Risk Rating 2.0. The good thing is due to the fact that there will be a decrease in flood insurance rates with FEMA.

This change is something that 45% or 46,812 policyholders will experience. The decrease itself will be more than $100 (>$1200 per year) which can kick in immediately. Considering that Virginia, specifically the western parts, is one of the top ten states that have the highest average when it comes to flood insurance premiums, this can really help a lot of people opt-in to that federal flood insurance market.

The Bad

There are also some bad changes happening to residents of Virginia when it comes to federal flood insurance. We'll show this as the blue portion of the graph and will cause an increase in flood insurance rates.

This will impact 48% or 50,931 policies in the state who are going to get that small increase. The increase in rates will range from $0 to $10 per month ($0 - $120 per year). Generally, this range can put you in a position where you might not have any change with your flood insurance rates with FEMA which is why there's a $0 there. 

The Ugly

Lastly, we also have the ugly changes which will be shown by the pink and grey portions. These changes will impact a total of 7% of the policies that FEMA has in force in the state and will cause a more significant increase in your rates once the Risk Rating 2.0 kicks in. Let's break them down a bit.

The pink portion will cover the bigger 5% of the two or about 5,903 policies in the state. The increase this time around will be ranging from $10 to $20 per month ($120 - $240 per year) which is why we put this in the ugly change. Virginia has expensive flood insurance premiums from FEMA and when you have to deal with an increase, it may not really help you in choosing federal flood insurance.

On the other hand, we still have to address the grey portion which is the uglier change between the two. This is generally because the increase will be more than $20 per month (>$240 per year). The increase is also expected to have some policyholders even get more than $100 per month increase in their rates with FEMA. This will impact 2% or 1,949 policies in Virginia. 

You can see the 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.

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. Some would even say that the current NFIP ways are already outdated which really begs for this Risk Rating 2.0 to happen.

If you have questions on these upcoming changes, what are your flood insurance options in Virginia, 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 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 the U.S. Virgin Islands and how they can impact your flood insurance in the future.

In this blog, we'll talk about the U.S. Virgin Islands, a neighboring island of Puerto Rico. Now, we've already established how this area and being an island can really break you when you're hit with those hurricanes and coastal storms. In fact, The State recently covered how the 2017 flooding left residents in shambles and still waiting for disaster relief. This type of event can really make it difficult for people to find protection from the uncontrollable forces of nature.

Today, we want to talk about the National Flood Insurance Program's (NFIP) upcoming changes to flood insurance rates through the Risk Rating 2.0. This new update will arrive on October 1, 2021, and is expected to impact about 1,400 policies in the U.S. Virgin Islands.

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 that this doesn't mean that the National Flood Insurance Program will immediately send out rate increase for people who have higher-valued homes or maybe an expensive property and that lower-valued homes in the U.S. Virgin Islands will immediate get a decrease on flood insurance premiums. FEMA considers a lot of things before finalizing your flood insurance policy and premium, so this doesn't really mean that a cheaper home means that you won't get premium increases.

You also want to consider the following things:

• Overall flood risk, floodplain devolvement, and flood frequency in the communities
• History of flood damage and flood loss (also falls under the flood damage assessments by FEMA)
• History of the flood claim made in the last ten years. Was there more than one payment of claims made in the last ten years?
• Mitigation efforts on the property. Does the insured property have enough flood openings? Is the lowest floor above the base flood elevation?
• Flood map designation. Is the property in a high-risk flood zone (flood-prone areas) or a low-risk flood zone

It's important to note that insurers from both the federal government and private market do a lot of research and consideration before finalizing your policy and premium rates. These things can significantly help you to also understand the actual risk you might be facing when it comes to flood. When you're directly sitting close to the gulf coasts or the Atlantic coast, you're also facing a lot of flood risk that comes in the form of risk from storm surge and hurricane season.

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. In this blog, we'll cover the following things:

• What are the impacts?
• The good, the bad, and the ugly change.
• Who will be impacted?
• When will these changes happen?

The Good

Let's sail off this Risk Rating 2.0 changes with the good things happening to the residents of the Virgin Islands of the United States. We'll show this as the green portion on the graph.

The good change coming with this is because you're going to get an immediate decrease of up to more than $100 (>$1200 per year) on flood insurance rates with FEMA once the Risk Rating 2.0 kicks in. This is expected to impact most of the residents of the islands, covering about 93% or 1,311 of the policies there.

The Bad

When it comes to bad changes, we'll show this as the blue portion of the graph. This is one of the highlights of today's blog since the ratio between the good and the bad changes generally has the blue overpowering the green. Not in this case though.

The bad change is expected to be experienced by 6% or 89 policies. This means that if you're part of this portion, you can expect a small increase in your flood insurance rates with FEMA and the NFIP. The increase ranges from $0 to $10 per month ($0 - $120 per year).

Generally, this means that you might not even experience a change in your rates when the Risk Rating 2.0 kicks in since you'll be sitting with that $0 per month change.

The Ugly

Finally, we also want to talk about the last percentage you'll see with these updates coming to the Virgin Islands. We'll show this as the pink and grey portions which will still cause an increase in flood insurance rates however with a more significant amount. Let's break these two down.

The pink portion will cover 1% or about 7 policyholders. If you're one of these lucky people, you can expect an increase in your flood insurance rates with FEMA that ranges from $10 to $20 per month ($120 - $240 per year).

The grey portion on the other hand will cover less than 1% or about 4 policies here. However, despite having the smallest portion in these updates across the United States, the grey portion still packs a punch.

The increase in flood insurance rates will now be more than $20 per month (>$240 per year). This may mean that you might start seeing an increase that sits around $100 per month ($1200 per year) or maybe more once the Risk Rating 2.0 starts.

You can see the 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.

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. Some would even say that the current NFIP ways are already outdated which really begs for this Risk Rating 2.0 to happen.

If you have questions on these upcoming changes, what are your flood insurance options in the Virgin Islands, 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 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 Vermont and how they can impact your flood insurance in the future.

In today's blog, we talk about the upcoming changes to flood insurance in Vermont, the Green Mountain State. The National Flood Insurance Program (NFIP) is bound to change its rating system for the people they provide flood policies to. These changes will be a big part of the Risk Rating 2.0 that's going to start impacting the federal flood insurance landscape on October 1, 2021.

We will understand what the Risk Rating 2.0 changes can mean to flood insurance and answer:

• What are the impacts?
• Who will be impacted?
• The good, the bad, and the ugly
• When will these changes happen?

 

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 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 Good

Starting off with the good things, Vermont residents who have flood policies with FEMA and the NFIP will be experiencing these changes coming to Risk Rating 2.0. The good thing is due to the fact that there will be a decrease in flood insurance rates with FEMA.

This change is something that 33% or 1,103 policyholders will experience. The decrease itself will be more than $100 (>$1200 per year) which can kick in immediately. Considering that Vermont has the highest average when it comes to flood insurance premiums, this can really help a lot of people opt-in to that federal flood insurance market.

The Bad

There are also some bad changes happening to residents of Vermont when it comes to federal flood insurance. We'll show this as the blue portion of the graph and will cause an increase in flood insurance rates.

This will impact 50% or 1,669 policies in the state who are going to get that small increase. The increase in rates will range from $0 to $10 per month ($0 - $120 per year). Generally, this range can put you in a position where you might not have any change with your flood insurance rates with FEMA which is why there's a $0 there. 

The Ugly

Lastly, we also have the ugly changes which will be shown by the pink and grey portions. These changes will impact a total of 17% of the policies that FEMA has in force in the state and will cause a more significant increase in your rates once the Risk Rating 2.0 kicks in. Let's break them down a bit.

The pink portion will cover the bigger 9% of the two or about 307 policies in the state. The increase this time around will be ranging from $10 to $20 per month ($120 - $240 per year) which is why we put this in the ugly change. Vermont has expensive flood insurance premiums from FEMA and when you have to deal with an increase, it may not really help you in choosing federal flood insurance.

On the other hand, we still have to address the grey portion which is the uglier change between the two. This is generally because the increase will be more than $20 per month (>$240 per year). The increase is also expected to have some policyholders even get more than $100 per month increase in their rates with FEMA. This will impact 8% or 252 policies in Vermont. 

You can see the 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.

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. Some would even say that the current NFIP ways are already outdated which really begs for this Risk Rating 2.0 to happen.

If you have questions on these upcoming changes, what are your flood insurance options in Vermont, 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 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 Utah and how they can impact your flood insurance in the future.

In today's blog, we'll talk about the Beehive State of Utah, home to the famous Great Salt Lake and famous spots for skiing. We'll go higher up on covering the flood risks in the state especially since there will be a lot of changes coming to the National Flood Insurance Program (NFIP) with the Risk Rating 2.0.

Utah had experienced very significant flooding. I recent years, we've seen how the residents faced devastation due to the Virgin River Flood of 2010. Two years after, the Laub Reservoir Dam collapsed due to weather systems at the time causing about $3.9 million in overall damages.

It's also important to highlight that the state itself receives a lot of snow during the winter season and this may sound like the best deal ever for skiers, this presents a huge flood risk once all that snow and ice start to melt in warmer seasons causing spring runoff and spring thaw.

We want to cover one of the protection we can get in Utah when it comes to these forces of nature and understand it's effects like:

• What are the impacts on flood insurance?
• Who will be impacted?
• The good, the bad, and the ugly
• When will it happen?
  

The Risk Rating 2.0 is expected to drop 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 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 Good

Let's dive into the good things coming with these rate changes from FEMA. We'll show this as the green portion in the graph and it's a sight for sore eyes to see that this portion covers most of the graph.

About 53% or 2,006 policies will experience this good change. This change is good because it will get you an immediate decrease on flood insurance rates of more than $100 (>$1200 per year).

This should be something that you should take advantage of since it gives you protection from floods especially when climate change is drastically impacting how these natural disasters happen.

The Bad

Next up, we also have bad things coming with the Risk Rating 2.0. This will cover another big chunk and will be shown as the blue portion in this graph.

This will impact 44% or 1,628 policies in Utah. The bad change is because you'll be getting an increase in rates with FEMA flood policies. The increase for those impacted will be a small one however when you're paying for a relatively expensive flood insurance with FEMA, this can make or break you if you're not ready for these changes. The increase will range from $0 to $10 per month ($0 - $120 per year).

This also means that you might not even get any change on your flood insurance rates with FEMA hence the $0 per month "increase" and will have to stick on whatever you're paying for before the NFIP 2.0 happened.

The Ugly

Lastly, let's cover the last portions of the upcoming changes to Utah. We'll show this as the pink and grey portions.

The pink portion will cover about 2% or 81 policies in the state. This is the first part of this ugly change because this time around the increase will be significantly bigger and more certain. The increase this time around will range from $10 to $20 per month ($120 - $240 per year).

On the other hand, you have the grey portion which covers only 1% or 40 policies however it's notable that this will be an uglier change for these policyholders. If you're part of this 1%, you're going to start to pay for FEME rates with an increase that's more than $20 per month (>$240 per year). This also means that the possibility of getting a $100 per month increase or more (>$1200 per year) is not out of the picture.

You can see the 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.

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. Some would even say that the current NFIP ways are already outdated which really begs for this Risk Rating 2.0 to happen.

If you have questions on these upcoming changes, what are your flood insurance options in Utah, 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 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 Texas and how they can impact your flood insurance in the future.

Texas has been one of the hot topics when it comes to flood insurance. Other than its overall geographical setup where most of the communities sit on low-lying areas, a lot of things are changing with the Texas Disclosure Law and the upcoming Risk Rating 2.0 from the National Flood Insurance Program (NFIP) and FEMA. The state also had also faced a lot of flood threats in the past few months. As the spring season entered the country, Texas also faced a lot of threats of hailstorms and flash floods.

Getting a flood insurance policy is a great start in making sure that you're protected and prepared from the possible flood damage that this type of disaster can cause. However, this won't really get you far if you're out of the loop when it comes to the changes that will happen with it. This involves where flood insurance policies are available, flood insurance options through the federal government or private flood insurance companies, the methodology of how your flood insurance premium is calculated, and things like that.

We want to help you unpack the changes with this update and how it will impact flood insurance for Texans moving forward. The Risk Rating 2.0 is expected to drop 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. 

It's important to keep in mind however that this doesn't mean that all homeowners with an expensive property or high-valued homes will be getting rate increases or premium increases with FEMA or lower-valued homes in Texas will be sure to get a decrease. There's a lengthy period of time in which both FEMA and private insurance companies work in making sure that you receive accurate numbers on the cost of flood insurance for your property. These things are as follows:

• Overall flood risks and flood frequencies in communities
• History of flood damage and flood loss
• History and number of flood insurance claims or flood claims made in the last ten years
• Mitigation efforts on the listed structure. Does the property have flood openings? Is the lowest floor above the base flood elevation?
• Flood Insurance Rate Maps designation. Where does the property sit in the flood maps? Are you in a high-risk flood zone or a low-risk flood zone?

These are just to name a few when it comes to flood insurance rating and flood insurance prices across all carriers. You also want to consider these things since it's best to have a great understanding of the actual risk that your property might face.

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 Good

Let's start off with this Risk Rating 2.0 train with the good things coming to federal flood insurance. We'll have this shown as the green portion of the graph you'll see below.

This will impact about 14% or 106,729 policies that FEMA has in force in the state. The good thing about this is that generally, this indicates that you're going to get a decrease in your flood insurance rates with FEMA once the Risk Rating 2.0 kicks in.

The decrease will be up to more than $100 (>$1200 per year) and can take effect immediately once you adopt the new rating system from the NFIP 2.0. Considering that this affects more than people in the hundred thousand, this can really help a lot of those who are being moved into a high-risk flood zone, paying for expensive premiums previously, or new to the NFIP.

The Bad

Now, let's move into the blue portions which take up most of the population of the policyholders in the state: the bad change.

This will impact a whopping 79% or 607,645 policies in Texas. This means that most of the policies in the state will have to go through this bad change which will be in form of a small increase in federal flood insurance rates.

The increase will range from $0 to $10 per month ($0 - $120 per year). This means that you might not even a change in your flood insurance rates and will have to stick with whatever amount you're paying right now even when the Risk Rating 2.0 kicks in (the $0 per month).

The Ugly

Finally, let's discuss the percentage left with these new rates from the NFIP 2.0: the pink and grey portions. These two will still get you an increase however let's put a disclaimer immediately how the grey portion will be the uglier change between the two. Let's dive down to better know these two.

The pink portion will impact 4% or 32,660 policies in the state. If you're part of this, you'll be getting an increase on your flood insurance rates ranging from $10 and up to $20 per month ($120 - $240 per year).

The grey portion, which covers the smallest amount, with only 3% or 21,525 policies to be impacted by this change. This time around, the increase will be drastically different from the pink portion since the increase will be more than $20 per month (>$240 per year). You may even start to get an increase of more than $100 per month (>$1200 per year) on your flood insurance rates depending on various factors in determining your rate with FEMA.

You can see the 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.

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. Some would even say that the current NFIP ways are already outdated which really begs for this Risk Rating 2.0 to happen.

If you have questions on these upcoming changes, what are your flood insurance options in Texas, 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 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 South Dakota and how they can impact your flood insurance in the future.

Today, we want to talk about the upcoming changes to the National Flood Insurance Program (NFIP) for South Dakota. These changes will be brought by the new Risk Rating 2.0 and considering how, at the time of writing, the northern parts of the state have been subjected to flash floods due to a significant amount of rainfall, we should understand how our shield against these flood threats will impact us.

It's equally important to note that the state is split in half by the Missouri River which is known for its massive contribution to major floods across the state. The Risk Rating 2.0 will start 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. 

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 Good

First, let's talk about these changes coming to flood insurance rates starting with the good ones. We'll show this as the green portion in the graph and will be a good change because of how it impacts rates from FEMA.

There will be a decrease of more than $100 (>$1200 per year) when the Risk Rating 2.0 kicks in and will impact 31% or 1,148 policies. This can really help a lot of people who are struggling to keep up with the premium that FEMA is asking for or for those who are opting to go for the federal flood insurance.

The Bad

Now, if there are good things, we can also expect to have bad things with these changes on federal flood insurance rates. This time, we'll show it as the blue portion of the graph which you'll see covers the biggest chunk out of South Dakota flood policies.

The Ugly

Lastly, we want to move into the ugly changes coming to the state. We'll show this as the pink and grey portions respectively. Each will cause a significant increase in flood insurance rates from FEMA and one will be definitely an uglier change between these two.

The pink portion will impact 5% or 192 policies in South Dakota. This time around, there's going to be an increase ranging from $10 to $20 per month ($120 - $240 per year) on your flood insurance rates.

The grey portion, which we mentioned is an uglier change, will cover 4% or 160 of the policies FEMA has in force in the state. If you're part of this portion, you can expect an increase in your rates of more than $20 per month (>$240 per year). This can cause you to have an increase of more than $100 on FEMA rates once the Risk Rating 2.0 kicks in.

You can see the full graph of these upcoming 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 South Dakota, 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 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 Tennessee and how they can impact your flood insurance in the future.

Tennessee is known for its hot chicken, barbeque, whiskey, and country music. However, lately, the state is also hitting the news for a different reason that no one likes: flood events.

Earlier this year, Nashville went through a massive flood and with the climate becoming warmer and wetter, flood insurance in the state also becomes more expensive. We've already covered how certain additional coverage like the Increased Cost of Compliance (ICC) and when it's best to file that flood claim for the Nashville flood.

These are just examples of the flood risk that homeowners across the Volunteer State. Getting protection from flooding through flood insurance policies is a great start in making sure that you get to bounce back from flood damage however it's equally important to be up-to-date when it comes to the changes happening in the industry.

A lot of homeowners get surprised when they're moved into a high-risk flood zone or get premium increases since it's something that they weren't aware will happen in their respective communities.

Regardless if you're getting insurance from the federal government or private flood insurance companies, the landscape of the flood insurance industry is ever-changing. Today, we'll be covering the changes coming to federal flood insurance. The National Flood Insurance Program (NFIP) will be changing with the Risk Rating 2.0 happening at the latter part of this year, and we want to help you understand how this can impact your flood insurance with FEMA in the future.

Nowadays, the actual flood risk we face isn't the flood damage after the flood, but the concern of flood coverage or the lack thereof. Is it enough? Are the flood insurance premiums reasonable for the coverage you will get?

The Risk Rating 2.0 will start 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. 

Note, this doesn't mean that property values will be the sole determiner of the flood insurance rate you'll get with FEMA and the National Flood Insurance Program. There's a lot of things that go into this which FEMA has been researching thoroughly. Equally, you should also consider the things we'll list below because not all expensive property or high-valued homes will experience rate increases, and not all lower-valued homes will get a decrease.

These are the things that any flood insurer look into when determining the cost of flood insurance for your listed property:

• Overall risk of flooding and flood frequencies in communities
• Designation in the flood zone map/flood map. Is the insured property in a high-risk flood zone or low-risk flood zone?
• Mitigation efforts such as making sure that you have enough flood openings and having your lowest floor raised higher than the base flood elevation levels in your area.
• History of flood damage and flood loss
• History and frequency of flood insurance claims or flood claims in the last ten years

Instead of leaving it to the companies to determine this for you, it's best to also have a great level of understanding of the actual risk that you might face since it impacts the overall flood insurance rating long term. This is why we want to help you find a better investment in flood insurance that goes beyond the policy itself. 

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 Good

Let's start this off with some good news coming with the Risk Rating 2.0 update. We have this shown as the green portion of the graph.

The good change will impact 28% or 7,581 of the policies that FEMA has in the state. This will be in form of a significant decrease in flood insurance rates that can be more than $100 (>$1200 per year).

The decrease itself can help a lot of people who are looking to get flood insurance through the federal government and in times where risks like the March Nashville flood can be enough for private insurance carriers to back out, this decrease will be the key to easing that struggle with expensive FEMA insurance.

The Bad

Now, if there is good news, there's also bad news which is very important to note especially for Tennessee since this will take the biggest chunk in the Risk Rating 2.0 update for the state.

About 59% or 16,316 policies will be part of this bad change coming to Tennessee. This brings a crescendo of unwanted tunes when it comes to flood insurance rates since you can expect a small increase from FEMA.

The increase will range from $0 to $10 per month ($0 - $120 per year) which means that you might not even get any change with your flood insurance rates and have to stick with whatever you're paying now. This is why the range starts at the $0 mark.

The Ugly

Lastly, we want to talk about the most important portions since these will pack a punch for those impacted: the pink and grey portions. Both will bring an increase to flood insurance for those impacted however it's notable that the grey portion will have a significantly uglier change. Let's break them down.

The pink portion will impact 8% or 2,162 policies in Tennessee. This will bring an increase of $10 to $20 per month ($120 - $240 per year) for those impacted. This is why it's very much important to heed FEMA's tips on protecting yourself from flood such as installing flood vents as this also protects you from experiencing very expensive flood insurance rates.

On the other hand, the grey portion will impact the last 5% or 1,448 policies in the state. This is what we mentioned before as the uglier change since flood insurance rate increase will be more than $20 per month (>$240 per year). You might even start seeing a $100 increase on your flood insurance per month.

You can see the full graph of these upcoming 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. Some would even say that the current NFIP ways are already outdated which really begs for this Risk Rating 2.0 to happen.

If you have questions on these upcoming changes, what are your flood insurance options in Tennessee, 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 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 South Carolina and how they can impact your flood insurance in the future.

South Carolina, the Palmetto State, has been through a lot of flood events throughout history. This is no surprise considering that the state has a relatively big portion of it on the Atlantic coast. Just looking at the early parts of June, we've seen parts of the state flooded due to thunderstorms dumping torrential rain on the state. The rainfall went up to 4.4 inches in some areas like Charleston causing flood damage and power outages. This event is just a few days shy of the flooding that hit Goose Creek.

You also want to consider things like homeowners in Hilton Head Island and other coastal residents which generally receive a lot of the impacts in hurricane season since storms, thunderstorms, and low-pressure systems. These things can easily create multiple types of flood risk in these communities as it contributes to creating storm surge, runoff, or river overflows.

When things like this are constantly threatening your safety, you want to make sure that you get the best deal when it comes to protecting yourself from these flood risks. Today, we want to unpack the changes coming to the National Flood Insurance Program (NFIP) with the Risk Rating 2.0 and how it can impact flood insurance in South Carolina moving forward.

The Risk Rating 2.0 will start 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. 

This doesn't mean that an expensive property or higher-valued homes are the only ones to get rate increases with their flood insurance rates or flood insurance premiums, and lower-valued homes will see their rates go down. Property values aren't the only things that flood insurers look into when assessing whether or not your premium increases or decreases. You also want to look at:

• Substantial flood risk and flood frequencies in these communities
• History of flood loss and flood damage on the property
• History and number of flood claims made in the last 10 years
• Property's designation in flood zone maps A.K.A. flood maps. Is it in a high-risk flood zone or a low-risk flood zone?
• Mitigation efforts made on the property. Does it have enough flood openings? Is the lowest floor above the base flood elevation?

As you can see, insuring your building, be it a residential property or a commercial building listed, will have a lot of things to be considered when writing your flood insurance policies. We highly recommend that you don't solely rely on flood insurance companies, regardless if it's the federal government or private insurance companies, to determine this for you. It's best to know these things as well, so you have a high level of understanding of the actual flood risks you're facing.

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 Good

First, let's start this off with the good things coming to residents of South Carolina once the Risk Rating 2.0 starts to kick in. We'll have this shown as the green portion of the graph.

We're talking about 26% or 53,215 policies FEMA has in force being impacted by this good change. This change will bring you a decrease in your federal flood insurance rates starting this October or when you adopt these new ratings from FEMA.

The decrease will be up to more than $100 (>$1200 per year) and can immediately take effect once you got everything covered with your flood insurance with FEMA. This can really help a lot of people especially if you're paying for expensive FEMA flood policies or properties mapped into that Flood Zone V or the coastal flood zone.

The Bad

Now, if there's good news, you can expect to also have bad news with these changes. This time around, we'll be showing this as the blue portion of the graph.

As you'll be able to see, this bad change will impact the largest number of policies in the state; covering a whopping 65% or 137,604 of the policies in South Carolina. This will be bad for those impacted since you're going to start seeing a slight increase in flood insurance rates with FEMA.

The increase will range from $0 to $10 per month ($0 - $120 per year) for those in that blue portion. This means that you may not experience any change with your flood insurance once the Risk Rating 2.0 starts or you can get up to a $10 per month increase on your rates.

The Ugly

Lastly, let's talk about the ugly changes which will impact a total of 9% of the policies in the state. Now, we'll show these as the pink and grey portions which are going to get you still an increase however this time around, the grey portion will be a much uglier change for those impacted.

The pink portion will cover 6% or 12,469 policies in South Carolina. This will get you an increase ranging from $10 to $20 per month ($120 - $240 per year). Now, this changes up the rates since regardless of where you fall in that range, you're still going to pay for higher rates thus premiums when the Risk Rating 2.0 starts to take effect.

The grey portion will be covering the other 3% or 5,276 of the policies in the Palmetto State. This is the uglier change because the increase will be more than $20 per month (>$240 per year) for those impacted. Generally, this could also mean that you might even start seeing that $100 per month increase on your FEMA flood insurance rates. This increase can really hurt a lot of people especially those who are in a high-risk flood zone or special flood hazard area (SFHA).

You can see the graph of these changes here:

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 South Carolina, 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 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 Rhode Island and how they can impact your flood insurance in the future.

Today, we'll talk about the home to sandy shores and seaside Colonial towns, Rhode Island. Although the state is known as the smallest state in the United States, it's important to note that there's a reason why it's called the Ocean State due to having over 400 miles of coastline.

If we look at more recent history, areas like North Kingstown received a recent flood insurance rate map (FIRM) update this year when the last update was almost a decade ago in 2010. This can really show how much work FEMA puts in making sure that each U.S. homeowner is aware of their flood risk.

Now, for most of us we might see this as a great time out on the beach however for residents this can mean a lot of flooding due to storm surge, flash floods, and those kinds of things. That said, let's cover one of your important protective measures against floods, the National Flood Insurance Program (NFIP). The NFIP is getting a lot of changes with the Risk Rating 2.0 and we want to help you understand what this could mean for flood insurance in the state.

The Risk Rating 2.0 will start 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. 

You also have to keep in mind that property value won't be the sole determiner of your final flood insurance premium amount FEMA will give you. This simply means that all expensive homes or higher-valued homes will get rate increases and lower-valued homes will get decrease.

Just like FEMA and the private sector, you also have to consider things more related to floods, or flood risk variables, when it comes to the cost of flood insurance policies. These things are as follows:

• Overall flood risk and flood frequencies in the area
• History of flood loss and flood damage on the property
• History and number of flood claims made within the last 10 years
• Mitigation efforts made on the property. Are there proper flood openings? Is the lowest floor above the base flood elevation?
• Designation on the flood zone map. Is the insured property in a high-risk flood zone or a low-risk flood zone?

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 flood coverage for damages to your residential property up to $250,000 and commercial property up to $500,000. There are also coverages for the things inside the insured property or what we call contents or personal property that goes up to $100,000. In order to get a policy from FEMA, you want to consider that you're going to follow the 30-day waiting period before the policy actually takes effect on it. 

The Good

The first thing we'll discuss is the good thing coming to residents of Rhode Island with the Risk Rating 2.0 changes. This will be shown as that green portion on the graph.

The green portion covers 46% or 5,520 of the policies FEMA has in force in the state. The good news is that these people will get a decrease in flood insurance rates from FEMA starting this October.

You're going to get a decrease of up to more than $100 (>$1200 per year) on FEMA flood policy rates once the Risk Rating 2.0 kicks in. This can really help a lot of people get flood insurance through the federal government and ease a little bit of that financial struggle when it comes to more expensive premiums from the NFIP.

The Bad

Now, let's talk about the bad news that this new Risk Rating 2.0 will bring over to residents of the Ocean State. We'll show this as that blue portion in the graph and as you can see, it's bound to impact most of the policyholders in the state.

About 47% or 5,606 of the policies will be impacted by this bad change. This is what we generally deem as a bad change since this is going to bring you a slight increase in flood insurance rates.

The increase will range from $0 to $10 per month ($0 - $120 per year). This means that you might not even experience any change with the rates you're paying with FEMA hence the $0 or you may get up to a $10 increase per month.

The Ugly

Lastly, we want to talk about the last two portions left in the graph which is what we call the ugly change. We'll show this as the pink and grey range which will cover 7% and 4% of the FEMA policies in the state respectively.

Starting off with the pink portion or about 486 of the policies in Rhode Island, people here will start to get a significantly bigger increase in rates. The increase this time around will range from $10 to $20 per month ($120 - $240 per year).

On the other hand, we also have the grey portion which what we call the uglier change between the two since the increase this time around will be very drastic for those impacted. This is something that 389 of the policyholders in the state will experience. The increase will be more than $20 per month (>$240 per year). This means that you might even experience more than a $100 per month increase in your FEMA flood policy rates.

You can see the 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.

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 Rhode Island, 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 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 Puerto Rico and how they can impact your flood insurance in the future.

Today, we set sail to another island we have in the U.S., Puerto Rico. Since the U.S. territory itself is sandwiched between the Caribbean Sea and the North Atlantic Ocean, it's very likely to have floods even with a small amount of rain.

Getting flood insurance is one great thing when it comes to protecting your home from all types of flood risk. However, not knowing certain changes and updates for policyholders can drastically impact where you land after any type of flood damage. This is why we always want everyone to be updated to flood map updates on communities, preparedness, and awareness of possible natural disasters like hurricane season and spring runoff, and how certain changes to flood insurance will be impacted. 

Let's talk about the coming changes to the National Flood Insurance Program (NFIP) which is also our friends over Puerto Rico has when it comes to flood insurance options. The NFIP is changing a lot with their new Risk Rating 2.0 and we want to understand how this can impact your flood insurance.

The Risk Rating 2.0 will arrive for FEMA policyholders starting this October 1, 2021.

The NFIP 2.0

The Risk Rating 2.0, or commonly known as NFIP 2.0 as well, is 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 premiums as this would now be based on the value of your property or home starting this October. 

Property values alone however don't determine your final flood insurance premiums with FEMA and even with private insurers. When it comes to flood insurance, there's a lot of things that come into play and these things are what you should also consider before buying a flood insurance policy. Things like:

• Overall risk of flooding and flood frequencies in the community
• History of flood damage and flood loss
• History and how many flood claims were made in the last 10 years
• Mitigation efforts made on the property. Does it have enough flood openings? Is the lowest floor raised above the base flood elevation level?
• Flood zone designation. Are you in a high-risk flood zone or a low-risk flood zone?

These are just to name a few things that come into play when it comes to flood insurance premium and considering that most of the properties in Puerto Rico are in coastal communities, you want to consider that you have these items on check.

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 Good

The first thing we'll discuss is the good news for Puerto Ricans when it comes to their flood insurance with FEMA. This change will cover 41% or 3,260 of the policies on the island and will be shown as the green portion in the graph.

The good change will come in form of that decrease federal flood insurance rates. The decrease will be up to more than $100 (>$1200 per year). This can really help a lot of people go through FEMA in order to protect their properties from these flood risks due to storm surge and coastal flooding.

The Bad

Now, let's move into the bad things happening to federal flood insurance in Puerto Rico. This will show up as that blue portion. There will be about 57% or 4,524 of the flood policies FEMA has in force.

The bad change is because you're going to start a slight increase in rates in this blue portion. The increase will range from $0 to $10 per month ($0 - $120 per year). Generally, this means that you might not encounter any change at all when it comes to flood rates with FEMA hence that $0 or you can get up to $10 increase starting this October.

The Ugly

Lastly, let's talk about the ugly changes coming to Puerto Rico with the Risk Rating 2.0. These changes will be part of the pink and grey range which takes up a total of 2% of the policies FEMA has in force on the island.

The pink portion will be covering about 1% or 85 of the policies and will get you an increase ranging from $10 to $20 per month ($120 - $240 per year). This is significantly a bigger increase because either way, you're going to start to pay for higher flood insurance from FEMA.

The grey portion on the other hand will be the uglier change. This will cover another 1% or 110 policies. The increase this time around will be drastic for those impacted since the increase will be more than $20 per month (>$240 per year). This means that you can go up to a $100 increase on your FEMA rates starting this October or maybe even more.

You can see the 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.

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 Puerto Rico, 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 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 Pennsylvania and how they can impact your flood insurance in the future.

Last year, Pennsylvania faced a lot of issues when it comes to flood due to the storm season. Being a state that is sandwiched between a couple of lakes and the Atlantic coast, this is something that we can expect to happen during the hurricane season.

Today, we want to talk about the upcoming changes to the National Flood Insurance Program (NFIP) in order to better understand how you can protect your property from flood threats like storm surge this hurricane season. The Risk Rating 2.0 will change a lot of things in the NFIP and will start on October 1^st, 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 property values aren't the only thing that's looked into. FEMA considers a lot of things when it comes to finalizing the flood insurance premiums for homeowners across the country. You also want to look at things like:

• Overall risk of flooding and flood frequency in the community
• History of flood damage and flood loss on the property
• History of flood claims in the last ten years
• Mitigation efforts made on the insured property. Are there flood openings installed? Is the lowest floor above the base flood elevation?

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 Good

Let’s talk about the good news with the Risk Rating 2.0. This will be represented by that green portion and will impact 30% or 15,573 of the policies that FEMA has in force in Pennsylvania.

The good thing about this change is the decrease it will bring for these residents. This means that you’re going to get more than a $100 ($1200 per year) decrease on your flood insurance rates with FEMA policies.

This can really help a lot of people ease into choosing the federal flood insurance option especially when there are times that private flood may not be available when risks are too high. We’ve seen this happen with other states where the private flood insurance carriers will non-renew or generally won’t provide insurance for these high-risk areas.

The Bad

When it comes to the bad news, we’re going to talk about the blue portion of the graph. This will impact about 56% or 28,261 policies in the state.

The bad thing about this is that the change will cause a slight increase in the rates of those impacted. This means that you’re going to get that increase ranging from $0 to $10 per month ($0 - $120 per year).

The range can mean that you might not have any change on your rates with FEMA hence the $0 or you can get up to a $10 per month increase.

The Ugly

Lastly, let’s talk about the percentage left in the graph which is represented by the pink and grey portions. Both portions will take up 7% each when it comes to impacted policies in the state.

The pink portion will impact 3,838 policyholders and will cause an increase ranging from $10 to $20 per month ($120 - $240 per year). This significantly ugly compared to before since it assures that you’ll get an increase on your FEMA policies once the Risk Rating 2.0 starts.

The grey portion on the other hand will be the uglier change. This will impact 3,526 of the policies that FEMA has in Pennsylvania. The increase this time around will be more than $20 per month (>$240 per year) which is very drastic. This increase may cause you to pay for up to more than $100 (>$1200 per year) increase on your FEMA policy once the Risk Rating 2.0 arrives in October.

This is the full graph of these changes coming to Pennsylvania:

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 biggest threat we face when it comes to floods isn't really the flood damage that happens, but our flood coverage or the lack thereof.

If you have questions on these upcoming changes, what are your flood insurance options in Pennsylvania, 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 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 Oregon and how they can impact your flood insurance in the future.

Oregon has been through a lot of floods in more recent years and this is with heavy consideration to their long history of flooding just like most states. What’s notable is that in recent years, these flood events occur earlier in the year just before the spring season starts.

Considering that it’s most likely that the state of beaver state is prone to floods due to spring thaw, wherein the ice and snow from the previous winter starts to melt and seep in the ground which causes a lot of runoff as well as the constant possible threat of beavers causing a widespread flood.

Getting flood insurance policies is a great start for homeowners in preparing for flooding everywhere. However, this won't really get you much if you fall out of the updates and miss the upcoming changes. This is why it’s important that we cover the changes coming to the National Flood Insurance Program (NFIP) with the Risk Rating 2.0.

The Risk Rating 2.0 update will start 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 there are a lot of things that will come into play when finalizing your flood insurance premiums with FEMA. You want to consider these things as well such as:

• Overall risk of flooding and flood frequency in an area
• History of flood damage and flood loss
• History and frequency of flood claims in the last 10 years
• Mitigation efforts made on the property. Is the lowest floor raised above the base flood elevation? Are there flood openings installed?

This is just to name a few, so as you can see this doesn't really mean that an expensive property will immediately get a rate increase and all people that have lower-valued homes will get a decrease.

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 coverage on flood damages to buildings which max to $250,000 on residential property and up to $500,000 on commercial property. This is with coverage on damaged contents or personal property that maxes to $100,000. If you're planning to go through FEMA for your policy, you will have to adjust to that expected 30-day waiting period. 

The Good

First, let’s start with the good changes coming to federal flood insurance rates. This will be shown by that green portion and will cover 30% or 7,511 policies in the state.

The good change will come in form of a decrease in flood insurance rates. The decrease may be up to more than $100 ($1200 per year). Since this change can be immediate, this can really help a lot of people who find it hard to manage flood policies with FEMA because of its more than usual price increases on flood policies.

The Bad

Now, let’s talk about the bad changes which will be in that blue portion of the graph.

This bad change is because generally, this portion represents a small increase in flood insurance rates. The increase will be ranging from $0 to $10 per month ($0 - $120 per year). This will impact about 58% or 14,399 policies in Oregon.

What this range means is that you might not even experience an increase if you fall down the $0 mark however it’s important to note that most of these properties in the blue portion will be getting up to a $10 increase with the Risk Rating 2.0.

The Ugly

Lastly, we want to cover the last two portions which are also the ugly changes. These will be in the form of the pink and grey portions in the graph. Both will bring an increase in rates significantly.

The pink portion will cover 8% or 1,942 policies in Beaver State. This will bring an increase to these residents ranging from $10 to $20 per month ($120 - $240 per year).

When it comes to the grey portion, we’re going to start to talk about the uglier change which will impact 4% or 1,000 policies in the state. This will cause you to get an increase of more than $20 per month (>$240 per year). The increase can easily go up to more than $100 per month (>$1200 per year) for some of the policyholders in the state.

You can see the 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.

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 Oregon, 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 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 Oklahoma and how they can impact your flood insurance in the future.

Today, we're going to discuss the upcoming changes to federal flood insurance in Oklahoma. The Sooner State has multiple bodies of water within the state and close to the state's borders like the Canadian River, Arkansas River, and multiple lakes and reservoirs. This can present a huge risk when it comes to flooding. Early in June, Eastern Oklahoma faced a lot of flash floods causing some major roads to be inundated with water and impassable.

Understanding your individual flood risk and getting a flood insurance policy for your property is a great start however this won't really do much if we don't understand the upcoming changes to your policy regardless if it's a policy from the Federal Emergency Management Agency (FEMA) or private flood insurance industry.

This is why it's important to discuss your federal flood insurance with the National Flood Insurance Program (NFIP) which will have a lot of updates and changes with The Risk Rating 2.0.

Nowadays, the biggest flood damage doesn't come from the flood water itself, but the protection you have once floods happen.

The Risk Rating 2.0 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. 

It's important to note that property values won't be the only thing that comes into play in finalizing your flood insurance premiums with FEMA. This doesn't immediately mean that only property owners with expensive properties will get premium increases and all lower-valued homes are expected to get a decrease. There are also flood data that FEMA considers and you might want to consider them too. These things are:

• Overall risk of flood on the insured property and flood frequencies in the area
• History of flood damage and flood loss over the last 10 years
• Mitigation efforts on the insured property. Is your lowest floor raised above the base flood elevation? How many flood openings that the structure has?
• Proximity to a possible flooding source (rivers, lakes, reservoirs, creeks, etc.)
• Designation in Flood Insurance Rate Map (FIRM). Is the property in high-risk areas or not?

Since the NFIP generally follows the 30-day waiting period before they can have your policy take effect on the listed structure, be it a residential property or a commercial one. The National Flood Insurance Program can cover flood damages on your building which maxes to $250,000 and contents up to $100,000.

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 Good

Let's start off the day with some good news. This will be shown as the green portion on the graph and will impact 30% or 3,856 policies in the state.

This is a good change for these residents because their flood insurance rate will get a decrease of $100 or more (>$1200 decrease per year) on their policies once the Risk Rating 2.0 kicks in.

This decrease can really help a lot of people in the states especially when the average premiums with FEMA is around $1000. This amount can definitely become bigger the closer you are to those bodies of water and the data that FEMA has on your property like flood claim history, property value, and flood mitigation efforts.

The Bad

When there's calm, there's also storm and with the good change also comes the bad change. This one will be represented by that blue portion in our graphs.

We call this the bad change because generally all this part does is get you an increase on flood insurance rates with FEMA. This is something that about 60% or 7,920 of the policyholders from FEMA will experience in the state.

The increase will be ranging from $0 to $10 per month ($0 - $120 per year). This means that you will either stick with the current rates you're paying right now (the $0 increase) or you're going to start paying a higher rate (up to $10 per month).

The Ugly

Lastly, we'll cover the remaining portions in this new Risk Rating: the pink and the grey ones. Both of these will still cause an increase on rates for those impacted however this time around it'll be a storm of headaches since it's going to be significantly bigger and one of them is definitely uglier of a change.

The pink portion will impact 6% or 722 policies in Oklahoma. This time around the increase will have a different range. The increase will now range from $10 to $20 per month ($120 - $240 per year).

On the other hand, you have the uglier change, the grey portion which covers 4% or 534 FEMA flood policies in the state. This is the uglier change because the increase will be more than $20 per month (>$240 per year).

Now, both of these will only impact a small amount compared to the good and the bad changes however they pack most of the punch. This increase can easily get you to that $2000 mark on your premiums or even more once the Risk Rating 2.0 arrives.

You can see the 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.

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 Oklahoma, 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 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 Ohio and how they can impact your flood insurance in the future.

Today, we're looking into the upcoming changes to federal flood insurance in Ohio. Early this June, the majority of the state is currently under a flash flood watch due to rainfall. This is also during the time where the southeast part of Ohio was flooded which is why this type of season can really hurt you and your property if you're not protected.

Getting a flood insurance policy is a great start when it comes to protecting all your valuable property, be it that residential property, commercial structures that you use for business, or the stuff you have at home. However, it's equally important that you know the changes coming regardless if your insurance provider is through FEMA and the National Flood Insurance Program (NFIP) or the private flood insurance market through private insurance companies. 

We're going to cover the changes with the Risk Rating 2.0 for the National Flood Insurance Program (NFIP). These changes will arrive on October 1, 2021.

The NFIP 2.0

The Risk Rating 2.0, or commonly known as NFIP 2.0 as well, is what's called 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 premiums as this would now be based on the value of your property or home starting this October. 

NOTE: FEMA and the NFIP won't solely rely on the property values that they have in order to finalize flood insurance premiums for homeowners across the United States. There's a ton of thorough research done in order to make sure that you get the most accurate flood risk data possible for your community, city, county, and property. These are things like:

• Overall flood risk and flood frequency
• Mitigation efforts made on the property's structure. Is your lowest floor above the base flood elevation? Do you have enough flood openings installed? 
• History of flood damage and flood loss due to flooding.
• History and frequency of flood claims
• Flood map designation. Is your property in a low-risk flood zone or a high-risk flood zone which is also known as the special flood hazard areas (SFHA)?

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 Good

When it comes to the good changes, we're talking about 45% or 13,078 of the policies FEMA has in the state.

The good thing with this green portion is that it generally indicates a decrease in flood insurance rates of more than $100 per month ($1200 per year) on the affected policyholders. This means that you can get from $0 to more than $100 on your decrease. This decrease can really help those who are in close proximity to bodies of water like Erie Lake, Scioto River, and other lakes or reservoirs in the state.

These properties are generally the ones with significantly higher premiums and with an average premium of $1200 on FEMA's policy, getting that $100 per month decrease will be removing that thorn on your side.

The Bad

If there is good news, there are also bad ones, and for this one, it will be shown as that blue portion in the graph. This will impact another 45% or 13,241 policies in the state.

The bad change comes in form of that increase in rates you'll be getting. The increase will be ranging from $0 to $10 per month ($0 - $120 per year). If the green slice helps you ease into the federal flood insurance market, this one might be a good reason for moving into the private flood market.

Although this is a slight price increase, there's still that chance that it may not be manageable especially if you're insuring expensive properties. You wouldn't want to pay about $1500 for flood insurance premiums with the National Flood Insurance Program every year, only to get covered for $250,000 on a $500,000 property.

The Ugly

Lastly, we have the ugly changes which are the pink and grey portions of the graph respectively. Both of these will still get you an increase in flood insurance rates with FEMA although one is definitely the uglier change between the two.

The pink portion will cover 6% or 1,704 policies in the state. If you're part of this, your increase is going to range from $10 to $20 per month ($120 to $240 per year). This is significantly bigger than the one before since you're certain to have that increase regardless. This can also easily get your rates to almost $2000 depending on the value of your property and other flood data.

On the other hand, we have the grey portion which is the uglier change. Now, the changes coming to the 6% we mentioned before are already ugly because of the amount of increase you'll get in rates however this is definitely worse.

The grey portion will cover about 4% or 1,026 policies in Ohio. Although the number may be small, it's important to note that if you're one of these people, you're still going to get that increase of more than $20 per month (>$240 per year). This means that your flood insurance rate increase will be $20 at the lowest and can go up to more than $100 easily.

You can see the full graph we made for the changes coming to Ohio 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. 

Nowadays, especially during this hurricane season where we face the risk of flooding due to heavy rainfall, storm surge, runoff, flash floods, and many more, it's important to understand that sometimes the actual risk that we face when it comes to floods isn't the flood waters inundating our homes, but how much flood coverage we're going to get or the lack thereof.

If you have questions on these upcoming changes, what are your flood insurance options in Ohio, 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 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 North Dakota and how they can impact your flood insurance in the future.

North Dakota has been subject to flood damage ever since the 1800s. Due to its proximity to the Missouri River which literally cuts to the middle of the state, the Peace Garden State has always been in the threat of these bodies of water overflowing and causing water to inundate nearby residents.

In 2011, we've seen this happen significantly twice when the largest flood since the inception of six reservoirs for the Missouri River and the largest flood that over the last 25 years sank 25% of its community during the Souris River flood. This type of risk in this hurricane season can be repeated and this is why it's very important to get yourself protected from the damages and aftermath of the flood.

Every year, homeowners in the United States face flood risk, be it through river overflow, heavy rainfall, spring runoff, storm surge, and things like that. This type of flood event can make or break you in an instant which is why it's important to take action and prepare for possible flood damage.

However, getting flood insurance isn't enough, you also have to consider the ever-changing landscape of flood insurance policies both from the National Flood Insurance Program (NFIP) and the private flood insurance market. Today, we'll be talking about the upcoming changes to the National Flood Insurance Program (NFIP) and the Risk Rating 2.0 which 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. 

Keep in mind that property values aren't the only thing that's going to impact your final flood insurance premium or flood insurance rate with FEMA. We've mentioned many times that FEMA conducts years of thorough research in order to have these changes be more suitable across each state in the country. This means that the following things will also be considered in assessing premiums or rates for homes across the U.S.:

• Overall risk of flooding and flood frequency
• History of flood damage and flood loss
• History and number of flood claims made by the homeowner or for the home
• Flood map designation. Is your home sitting in a low-risk flood zone or a high-risk flood zone also known as the special flood hazard areas (SFHA)?
• Mitigation efforts made. Does the insured property have sufficient flood openings? Is your lowest floor raised above the base flood elevation?

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 Good

Let's start with the good changes coming with the NFIP 2.0 to the residents of North Dakota. About 38% or 5,021 policies from FEMA will be able to experience this good change. This will be shown as the green portion or slice in the graphs.

This impact will cause an immediate decrease in federal flood insurance rates which is why we call it the good change. The decrease can be more than $100 ($1200 per year). This can be very helpful when you're sitting in those high-risk zones close to the Missouri River, Devils Lake, or Lake Sakakawea since these are the properties we can expect to have a much higher base premium. 

The Bad

We also have bad changes coming with the NFIP 2.0. This will be represented by that blue portion or slice. This will impact most of the policies that FEMA has in North Dakota covering about 60% or 7,822 FEMA policies in force.

This generally a bad change because it will bring a small increase to flood insurance rates once it takes effect in October. The increase will range from $0 to $10 per month ($0 - $120 per year). The increase may not sound that much however if you're in those high-risk flood zones or the special flood hazard areas (SFHA), the base premium can start very high and this increase can cause significant headaches with policyholders impacted.

The Ugly

Lastly, we want to cover the ugly changes which will be covered by that pink and grey range respectively. It's important to note that the latter will be an uglier change compared to the former.

The pink slice will be covering 1% or 195 policies in the state. If you're in this range, the increase in your rates will range from $10 to $20 per month ($120 to $240 per year).

The grey slice on the other hand will cover another 1% or 124 policies in force and expected to be impacted by this uglier change. The uglier change will come in form of that drastic increase which will be more than $20 per month ($240 per year). This means that you can easily get up to a $100 per month increase depending on the value of your property, flood data, and all that other things.

You can see the full pie graph of these changes to North Dakota 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 North Dakota, 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 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 North Carolina and how they can impact your flood insurance in the future.

The Old North is known for its beautifully contrasting mountains and beaches. Being the ninth state with the most population, we want to help our friends over in North Carolina understand the upcoming change to federal flood insurance.

The National Flood Insurance Program is beginning to change and this will start with the Risk Rating 2.0. Considering that one whole side of the state is a coastline for the Atlantic, it's important to understand how federal flood insurance will change for a state that's at risk of coastal flooding.

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 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 Good

Let's start this one with good news or what you'll see in our graph as a green portion. This will affect 26% or 35,704 policies in North Carolina and generally reflects the good change because there will be a decrease in flood insurance rates for those who are included in this portion.

The decrease in FEMA policy rates will be more than $100 ($1200 per year). This type of change can really help those who aren't getting in the private flood market or want to continue their policies with FEMA.

The Bad

If there's good news, there is also bad news. This is represented by that blue portion in the graph which is composed of 65% or 91,719 policies from FEMA in the state.

This is what we call a bad change for these policyholders since there will be a small increase in flood insurance rates starting this October. Once the Risk Rating 2.0 takes effect, there will be an increase ranging from $0 to $10 per month ($0 - $120 per year). This means that you might not experience any change will flood insurance when you fall to that $0 or you can get up to a $10 increase.

The Ugly

Lastly, we want to talk about the ugly changes coming with the Risk Rating 2.0. This will be shown by the pink/magenta and grey portions respectively. Both of these will still deal with getting you an increase in the rates you have with FEMA.

Starting with the pink portion, 6% or 8,482 policies in North Carolina will get an increase ranging from $10 to $20 per month ($120 - $240 per year).

Whereas the grey portion will cover only 3% or 3,944 policies in the state. Despite having a small percentage, it's important to note that this will have the most drastic increase of more than $20 per month (>$240 per year). 

You can see the full pie graph of these changes coming to North Carolina 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 North Carolina, 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.