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.

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

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 Flood Insurance Guru | Wyoming Flood Insurance: New Federal Flood Insurance Risk Rating 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 Flood Insurance Guru | Wyoming Flood Insurance: New Federal Flood Insurance Risk Rating 2.0

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:

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

When Will It Happen?

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

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

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

If you have questions on these upcoming changes, what are your flood insurance options in 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.

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

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.

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

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 Flood Insurance Guru | Wisconsin Flood Insurance: New Federal Flood Insurance Risk Rating 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 Flood Insurance Guru | Wisconsin Flood Insurance: New Federal Flood Insurance Risk Rating 2.0

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:

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

When Will It Happen?

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

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

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

If you have questions on these upcoming changes, what are your flood insurance options in 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.

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

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 Flood Insurance Guru | West Virginia: New Federal Flood Insurance Risk Rating 2.0

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 Flood Insurance Guru | West Virginia: New Federal Flood Insurance Risk Rating 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 Flood Insurance Guru | West Virginia: New Federal Flood Insurance Risk Rating 2.0

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:

The Flood Insurance Guru | West Virginia: New Federal Flood Insurance Risk Rating 2.0

When Will It Happen?

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

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

So, you want to be very ready for this. We've been talking about this since last year since basically the NFIP is already 30 years old already and is in need of this change. 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 Flood Insurance Guru | 2054514294   The Flood Insurance Guru | Chris Greene | YouTube    Get Your Quote from Flood Insurance Guru

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

The Flood Insurance Guru | Utah: New Flood Insurance Risk Rating 2.0

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 Flood Insurance Guru | Utah: New Flood Insurance Risk Rating 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 Flood Insurance Guru | Utah: New Flood Insurance Risk Rating 2.0

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:

The Flood Insurance Guru | Utah: New Flood Insurance Risk Rating 2.0

When Will It Happen?

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

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

So, you want to be very ready for this. We've been talking about this since last year since basically the NFIP is already 30 years old already and is in need of this change. 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 Flood Insurance Guru | 2054514294   The Flood Insurance Guru | Chris Greene | YouTube    Get Your Quote from Flood Insurance Guru

 

If I had a dime for every time I was asked the question how much flood insurance cost in San Antonio Texas I might just own a private island.

It's a valid question of course you want to know how much flood insurance is going to cost on your San Antonio Texas property.

The problem is that there is no simple answer. There are many things that can impact the cost of flood insurance in San Antonio Texas. Two things we want to look at are

  1. Location
  2. Elevation

Location is a driving factor of flood insurance cost in San Antonio. Whether you are located in a special flood hazard area or not can be a big price difference.

If you are lucky enough to be in the minimal risk zone also called flood zone x then you may have access to preferred rates.

So what is a flood zone x in San Antonio Texas?

 

As mentioned above this is an area that FEMA has determined to be in a minimal risk area. This means that the chance of flooding should be lower than the special flood hazard area. However the recent study by the first street foundation shows us that the risk for flooding is still there. San Antonio is in their top 20 list of cities with the greatest number of properties at substantial risk for flooding.

If you live in Texas then you know minimal risk doesn't mean no risk. Just look at hill country areas like Wimberly Texas and the flooding they have been through the last 5 years.

 

So what about the second factor elevation?

Elevation can play a major role in flood insurance cost in San Antonio. Something we want to pay attention to is base flood elevation.

So what is base flood elevation in San Antonio Texas?

 

According to FEMA base flood elevation is the elevation of surface water resulting from a flood that has a 1% chance of equaling or exceeding the level in any given year.

So the further you are below the base flood elevation the higher your rates through the National Flood Insurance Program could be. The further above the base flood elevation the lower your cost could be.

Are all flood insurance rates based on this? These are some of the factors that the National Flood Insurance Program uses for their rates.

Private flood insurance carriers may use these factors combined with other factors. In fact some private carriers even look at 20 year flood plains.

What are 20 year flood plains?

 

In many situations private flood insurance could be half the cost of the National Flood Insurance Program in San Antonio Texas.

Its also important to know that your loan type could determine if you qualify for private flood insurance.

 

Many government backed loans require property owners to purchase flood insurance through the National Flood Insurance Program.

Past claims could also determine if you qualify.

If you want to see if you qualify for private flood insurance then click here.

So as we mentioned at the beginning determining flood insurance cost in San Antonio Texas can be a complex answer.

The good news is we have an educational background in flood mitigation so we are here to help you understand the answer, understand your flood risks, and flood insurance.

If you want to learn more about flood insurance, flood education, and flood zone changes you can check out our YouTube channel where we do daily flood education videos. You can also checkout our podcast.

 

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