Today, we dive deeper into more specific territories and discuss the changes coming with the National Flood Insurance Program (NFIP) Risk Rating 2.0 to Fort Lauderdale City in Broward County, Florida.

Florida Flood Insurance: Fort Lauderdale Risk NFIP Rating 2.0

It's no secret that the coastal city of Miami has been had its fair share of floods throughout history and this is the same for Fort Lauderdale especially if you look at how Middle River cuts on some of its areas. The state as a whole itself is no stranger to different types of floods. You have these floods that come from the coast, one that's collected throughout a long period during a storm, and runoff from higher places.

If you want to read more on the Florida Risk Rating 2.0 update, click here!

So today, we want to discuss how the new Risk Rating 2.0 will impact your flood insurance policy with the Federal Emergency Management Agency (FEMA) and see if these changes to flood insurance premium gives the federal flood insurance to the more popular private sector which offers replacement cost.

Florida Flood Insurance: Fort Lauderdale Risk NFIP Rating 2.0

Risk Rating 2.0: What Changes?

This is what FEMA calls equity in action when it comes to making the cost of flood insurance policies fairer per policyholder. This simply means that when it comes to flood insurance rates, a lot of things will start to change with the NFIP and FEMA. 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). In turn, the NFIP and FEMA make sure that you will get accurate flood insurance rates for your policy.

It's important to note, however, that this won't mean that the cheapest flood insurance will go automatically to lower-valued homes, and higher-valued homes or expensive properties will cause a big headache for the property owner. 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. There are things that are staying and changing when it comes to calculating your flood risk score.

Florida Flood Insurance: Fort Lauderdale Risk NFIP Rating 2.0

The remaining features are as follows:

The new things that will come with the Risk Rating 2.0 are as follows:

  • Types of floods that your property experience. This can be either pluvial or the accumulated water due to heavy rainfall, runoff of collected water that flows from higher areas, storm surge and coastal erosion, dam/levee damage or overflow, and even a combination of these things. This also takes into account flood frequency in Fort Lauderdale.
  • First-floor height and elevation of the structure. A new feature that determines your flood risk score is the distance between the ground (grade) from your first floor or the first habitable floor of your property.
  • Flood Risk Mitigation Measures made on the property. Is the lowest floor above the base flood elevation? Are there enough flood openings to let floodwaters through?

These changes are best handled with your flood insurance agent in order to get your flood risk score. If you need help in knowing your flood risk score, click the link below.

Now that we've covered the NFIP and the Risk Rating 2.0, let's talk about its impact on Fort Lauderdale. We'll cover the good, the bad, and the ugly changes coming to the residents of the city.

Florida Flood Insurance: Fort Lauderdale Risk NFIP Rating 2.0

The Good

When we're talking about these changes, we want to emphasize that this will solely involve flood premiums changes or updates from FEMA and the NFIP. Let's kick this off with the good changes coming to residents of Fort Lauderdale.

The good changes will involve an immediate decrease in flood premiums with FEMA. This decrease on average rates can go up to more than $100 (>$1200 per year) and will impact 22.2% or 42,740 NFIP-insured properties in the city. We divide these changes into two parts.

The first covers the decrease in flood insurance rates or premiums that ranges from $0 to $50 per month (up to $600 per year). About 39,294 or 20.4% of the policies will be impacted by this change.

On the other hand, you have a better deal with the second part of this good change since it generally covers 3,446 or 1.8% of the national flood insurance policies in force. The immediate decrease ranges from $50 to more than $100 per month ($600 - >$1200 per year).

Considering that the national average when it comes to premiums is about $1000 across the United States, this can really help a lot of people get flood insurance through FEMA especially when we're talking about coastal zones where flood risks can be extremely high and get the bulk of the damages from natural disasters.

The Bad

If there are good changes, there are also bad ones. This change from the Risk Rating 2.0 will get increase your flood insurance costs when it comes to FEMA and the National Flood Insurance Program (NFIP).

The increase will range from $0 to $10 per month (up to $120 per year) and will impact about 141,284 or 73.2% of the policies in the city itself. Now, this increase may seem so small, but you have to consider that this takes the biggest percent out of the population in Fort Lauderdale.

Now that we're facing increased climate risks, it's hard to ignore that the risk of flooding in areas that sit near the coastline is safe from the damage from floods.

The Ugly

Now, let's move deeper and into the ugly changes. For this part, we want to emphasize that we divided this into three parts: the ugly, the uglier, and the ugliest change. Let's dive into specifics.

First, the ugly change will be covering about 5,806 or 3% of the policies. The reason why this falls under the ugly change is that the increase is now noticeable since it ranges from $10 to $20 per month ($120 to $240 per year). 

On the other hand, you have the uglier change which is something that about 1.4% will experience. Now, when talking about a percent this number seems so small however it's important to note that we're still talking about 2,800 properties in Fort Lauderdale. This time around, the increase won't be bearable since it ranges from $20 to $50 per month ($240 to $600 per year).

Lastly, you can also see a good number of Fort Lauder residents fall on the ugliest side. This mostly involves about 334 or 0.2% of properties in the city. Although it's a very small number of people, you have to realize that the increase ranges from $50 to more than $100 per month ($600 to >$1200 per year in annual premium).

This can really make it difficult to go into federal flood insurance and even a harder experience if the private flood insurance market is not available to protect you from floodwaters. Regardless of where you fall on these three, considering that the average premium across Florida is about $600, this type of increase can really hurt your budget and we won't even blame you if you want to get private policies.

The National Flood Insurance Program

The National Flood Insurance Program (NFIP) is the answer of the federal government when it comes to flood concerns. This program was established ever since 1968 through the National Flood Insurance Act of 1968. The NFIP is currently working as the federal or government agencies' flood insurance for the United States and its residents. FEMA and NFIP always look into analyzing and studying floodplain devolvement, flood model management, flood insurance, and disaster assistance. So, what does the NFIP cover?

First, it's important to keep in mind that flood insurance is a separate policy from your usual homeowner's insurance and auto insurance policies. This means that if your house gets inundated during a flood event, it won't be the homeowner's policy that will give you flood coverage.

Now that we got that out of the way, the National Flood Insurance Program (NFIP) provides coverages for the flood damage that your property will sustain. The property will involve both the dwelling or the building itself — either residential property or commercial — as well as the contents or the personal property that's inside the insured home. NFIP flood insurance cover damages to a dwelling that maxes to $250,000 and contents that maxes to $100,000. There's also additional coverage that comes in when you're a participating community in the National Flood Insurance Program (NFIP) which can be enjoyed through the Community Rating System (CRS) and the Increased Cost of Compliance (ICC).

When Will It Happen?

The Risk Rating 2.0 from the National Flood Insurance Program (NFIP) will take effect starting this October 1st, 2021. It's important to note however that you really don't need to immediately adopt these new rates once Fall comes. The NFIP will allow you to adopt these new rates on your renewal, so if you just renewed your policy with FEMA last April then you can move into the new rates in April 2022.

At the end of the day, we're still subject to extreme weather events, and our friends in coastal areas are more prone to the dangers of these disasters. It's best to know where to get a policy best because we've seen that even without floods, a lot of people still drown due to these expensive insurance premiums.

If you have questions on your flood insurance options in Florida, your flood risk score, or anything about flood, reach out to us by clicking below. Remember, we have an educational background in flood mitigation which lets us help you understand flood risks, your flood insurance, and mitigating your property long-term.

Get Your Flood Risk Score Here!

Today, we dive deeper into more specific territories and discuss the changes coming with the National Flood Insurance Program (NFIP) Risk Rating 2.0 to Miami City in Miami-Dade County, Florida.

It's no secret that the coastal city of Miami has been had its fair share of floods throughout history. The state as a whole itself is no stranger to different types of floods. You have these floods that come from the coast, one that's collected throughout a long period during a storm, and runoff from higher places.

Florida Flood Insurance: Miami NFIP Risk Rating 2.0 Update

So today, we want to discuss how the new Risk Rating 2.0 will impact your flood insurance policy with the Federal Emergency Management Agency (FEMA) and see if these changes to flood insurance premium gives the federal flood insurance to the more popular private sector which offers replacement cost.

If you want to read more on the Florida Risk Rating 2.0 update, click here!

Risk Rating 2.0: What Changes?

This is what FEMA calls equity in action when it comes to making the cost of flood insurance policies fairer per policyholder. This simply means that when it comes to flood insurance rates, a lot of things will start to change with the NFIP and FEMA. 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). In turn, the NFIP and FEMA make sure that you will get accurate flood insurance rates for your policy.

Florida Flood Insurance: Miami NFIP Risk Rating 2.0 Update

It's important to note, however, that this won't mean that the cheapest flood insurance will go automatically to lower-valued homes, and higher-valued homes or expensive properties will cause a big headache for the property owner. 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. There are things that are staying and changing when it comes to calculating your flood risk score.

The remaining features are as follows:

The new things that will come with the Risk Rating 2.0 are as follows:

  • Types of floods that your property experience. This can be either pluvial or the accumulated water due to heavy rainfall, runoff of collected water that flows from higher areas, storm surge and coastal erosion, dam/levee damage or overflow, and even a combination of these things.
  • First-floor height and elevation of the structure. A new feature that determines your flood risk score is the distance between the ground (grade) from your first floor or the first habitable floor of your property.
  • Flood Risk Mitigation Measures made on the property. Is the lowest floor above the base flood elevation? Are there enough flood openings to let floodwaters through?

Now that we've covered the NFIP and the Risk Rating 2.0, let's talk about its impact on Miami. We'll cover the good, the bad, and the ugly changes coming to the residents of the city.

Florida Flood Insurance: Miami NFIP Risk Rating 2.0 Update

The Good

When we're talking about these changes, we want to emphasize that this will solely involve flood premiums changes or updates from FEMA and the NFIP. Let's kick this off with the good changes coming to residents of Miami.

The good changes will involve an immediate decrease in flood premiums with FEMA. This decrease can go up to more than $100 (>$1200 per year) and will impact 22.2% or 77,092 NFIP-insured properties in the city. We divide these changes into two parts.

The first covers the decrease in flood insurance rates or premiums that ranges from $0 to $50 per month (up to $600 per year). About 70,074 or 20.2% of the policies will be impacted by this change.

On the other hand, you have a better deal with the second part of this good change since it generally covers a 7,018 or 2% of the national flood insurance policies in force. The immediate decrease ranges from $50 to more than $100 per month ($600 - >$1200 per year).

Considering that the national average when it comes to premiums is about $1000 across the United States, this can really help a lot of people get flood insurance through FEMA especially when we're talking about coastal zones where flood risks can be extremely high and get the bulk of the damages from natural disasters.

The Bad

If there are good changes, there are also bad ones. This change from the Risk Rating 2.0 will get increase your flood insurance costs when it comes to FEMA and the National Flood Insurance Program (NFIP).

The increase will range from $0 to $10 per month (up to $120 per year) and will impact about 246,303 or 71.1% of the policies in the city itself. Now, this increase may seem so small, but you have to consider that this takes the biggest percent out of the population in Miami.

Now that we're facing increased climate risks, it's hard to ignore that the risk of flooding in areas that sit near the coastline is safe from the damage from floods.

The Ugly

Now, let's move deeper and into the ugly changes. For this part, we want to emphasize that we divided this into three parts: the ugly, the uglier, and the ugliest change. Let's dive into specifics.

First, the ugly change will be covering about 13,797 or 4% of the policies. The reason why this falls under the ugly change is that the increase is now noticeable since it ranges from $10 to $20 per month ($120 to $240 per year). 

On the other hand, you have the uglier change which is something that about 8,461 or 2.4% will experience. This time around, the increase won't be bearable since it ranges from $20 to $50 per month ($240 to $600 per year).

Lastly, you can also see few Miami residents fall on the ugliest side. This mostly involves about 1,015 or 0.5% of properties in the city. Although it's a very small number of people, you have to realize that the increase ranges from $50 to more than $100 per month ($600 to >$1200 per year in annual premium).

This can really make it difficult to go into federal flood insurance and even a harder experience if the private flood insurance market is not available to protect you from floodwaters. Regardless of where you fall on these three, considering that the average premium across Florida is about $600, this type of increase can really hurt your budget and we won't even blame you if you want to get private policies.

Florida Flood Insurance: Miami NFIP Risk Rating 2.0 Update

The National Flood Insurance Program

The National Flood Insurance Program (NFIP) is the answer of the federal government when it comes to flood concerns. This program was established ever since 1968 through the National Flood Insurance Act of 1968. The NFIP is currently working as the federal or government agencies' flood insurance for the United States and its residents. FEMA and NFIP always look into analyzing and studying floodplain devolvement, flood model management, flood insurance, and disaster assistance. So, what does the NFIP cover?

First, it's important to keep in mind that flood insurance is a separate policy from your usual homeowner's insurance and auto insurance policies. This means that if your house gets inundated during a flood event, it won't be the homeowner's policy that will give you flood coverage.

Now that we got that out of the way, the National Flood Insurance Program (NFIP) provides coverages for the flood damage that your property will sustain. The property will involve both the dwelling or the building itself — either residential property or commercial — as well as the contents or the personal property that's inside the insured home. NFIP flood insurance will provide coverage for the dwelling that maxes to $250,000 and contents that maxes to $100,000. There's also additional coverage that comes in when you're a participating community in the National Flood Insurance Program (NFIP) which can be enjoyed through the Community Rating System (CRS) and the Increased Cost of Compliance (ICC).

When Will It Happen?

The Risk Rating 2.0 from the National Flood Insurance Program (NFIP) will take effect starting this October 1st, 2021. It's important to note however that you really don't need to immediately adopt these new rates once Fall comes. The NFIP will allow you to adopt these new rates on your renewal, so if you just renewed your policy with FEMA last April then you can move into the new rates in April 2022.

At the end of the day, we're still subject to extreme weather events, and our friends in coastal areas are more prone to the dangers of these disasters. It's best to know where to get a policy best because we've seen that even without floods, a lot of people still drown due to these expensive insurance premiums.

If you have questions on your flood insurance options in Florida, your flood risk score, or anything about flood, reach out to us by clicking below. Remember, we have an educational background in flood mitigation which lets us help you understand flood risks, your flood insurance, and mitigating your property long-term.

Get Your Flood Risk Score Here!

Today, we dive deeper into more specific territories and discuss the changes coming with the National Flood Insurance Program (NFIP) Risk Rating 2.0 to Fort Lauderdale City in Broward County, Florida.

Florida Flood Insurance: Fort Lauderdale Risk NFIP Rating 2.0

It's no secret that the coastal city of Miami has been had its fair share of floods throughout history and this is the same for Fort Lauderdale especially if you look at how Middle River cuts on some of its areas. The state as a whole itself is no stranger to different types of floods. You have these floods that come from the coast, one that's collected throughout a long period during a storm, and runoff from higher places.

If you want to read more on the Florida Risk Rating 2.0 update, click here!

So today, we want to discuss how the new Risk Rating 2.0 will impact your flood insurance policy with the Federal Emergency Management Agency (FEMA) and see if these changes to flood insurance premium gives the federal flood insurance to the more popular private sector which offers replacement cost.

Florida Flood Insurance: Fort Lauderdale Risk NFIP Rating 2.0

Risk Rating 2.0: What Changes?

This is what FEMA calls equity in action when it comes to making the cost of flood insurance policies fairer per policyholder. This simply means that when it comes to flood insurance rates, a lot of things will start to change with the NFIP and FEMA. 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). In turn, the NFIP and FEMA make sure that you will get accurate flood insurance rates for your policy.

It's important to note, however, that this won't mean that the cheapest flood insurance will go automatically to lower-valued homes, and higher-valued homes or expensive properties will cause a big headache for the property owner. 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. There are things that are staying and changing when it comes to calculating your flood risk score.

Florida Flood Insurance: Fort Lauderdale Risk NFIP Rating 2.0

The remaining features are as follows:

The new things that will come with the Risk Rating 2.0 are as follows:

  • Types of floods that your property experience. This can be either pluvial or the accumulated water due to heavy rainfall, runoff of collected water that flows from higher areas, storm surge and coastal erosion, dam/levee damage or overflow, and even a combination of these things. This also takes into account flood frequency in Fort Lauderdale.
  • First-floor height and elevation of the structure. A new feature that determines your flood risk score is the distance between the ground (grade) from your first floor or the first habitable floor of your property.
  • Flood Risk Mitigation Measures made on the property. Is the lowest floor above the base flood elevation? Are there enough flood openings to let floodwaters through?

These changes are best handled with your flood insurance agent in order to get your flood risk score. If you need help in knowing your flood risk score, click the link below.

Now that we've covered the NFIP and the Risk Rating 2.0, let's talk about its impact on Fort Lauderdale. We'll cover the good, the bad, and the ugly changes coming to the residents of the city.

Florida Flood Insurance: Fort Lauderdale Risk NFIP Rating 2.0

The Good

When we're talking about these changes, we want to emphasize that this will solely involve flood premiums changes or updates from FEMA and the NFIP. Let's kick this off with the good changes coming to residents of Fort Lauderdale.

The good changes will involve an immediate decrease in flood premiums with FEMA. This decrease on average rates can go up to more than $100 (>$1200 per year) and will impact 22.2% or 42,740 NFIP-insured properties in the city. We divide these changes into two parts.

The first covers the decrease in flood insurance rates or premiums that ranges from $0 to $50 per month (up to $600 per year). About 39,294 or 20.4% of the policies will be impacted by this change.

On the other hand, you have a better deal with the second part of this good change since it generally covers 3,446 or 1.8% of the national flood insurance policies in force. The immediate decrease ranges from $50 to more than $100 per month ($600 - >$1200 per year).

Considering that the national average when it comes to premiums is about $1000 across the United States, this can really help a lot of people get flood insurance through FEMA especially when we're talking about coastal zones where flood risks can be extremely high and get the bulk of the damages from natural disasters.

The Bad

If there are good changes, there are also bad ones. This change from the Risk Rating 2.0 will get increase your flood insurance costs when it comes to FEMA and the National Flood Insurance Program (NFIP).

The increase will range from $0 to $10 per month (up to $120 per year) and will impact about 141,284 or 73.2% of the policies in the city itself. Now, this increase may seem so small, but you have to consider that this takes the biggest percent out of the population in Fort Lauderdale.

Now that we're facing increased climate risks, it's hard to ignore that the risk of flooding in areas that sit near the coastline is safe from the damage from floods.

The Ugly

Now, let's move deeper and into the ugly changes. For this part, we want to emphasize that we divided this into three parts: the ugly, the uglier, and the ugliest change. Let's dive into specifics.

First, the ugly change will be covering about 5,806 or 3% of the policies. The reason why this falls under the ugly change is that the increase is now noticeable since it ranges from $10 to $20 per month ($120 to $240 per year). 

On the other hand, you have the uglier change which is something that about 1.4% will experience. Now, when talking about a percent this number seems so small however it's important to note that we're still talking about 2,800 properties in Fort Lauderdale. This time around, the increase won't be bearable since it ranges from $20 to $50 per month ($240 to $600 per year).

Lastly, you can also see a good number of Fort Lauder residents fall on the ugliest side. This mostly involves about 334 or 0.2% of properties in the city. Although it's a very small number of people, you have to realize that the increase ranges from $50 to more than $100 per month ($600 to >$1200 per year in annual premium).

This can really make it difficult to go into federal flood insurance and even a harder experience if the private flood insurance market is not available to protect you from floodwaters. Regardless of where you fall on these three, considering that the average premium across Florida is about $600, this type of increase can really hurt your budget and we won't even blame you if you want to get private policies.

The National Flood Insurance Program

The National Flood Insurance Program (NFIP) is the answer of the federal government when it comes to flood concerns. This program was established ever since 1968 through the National Flood Insurance Act of 1968. The NFIP is currently working as the federal or government agencies' flood insurance for the United States and its residents. FEMA and NFIP always look into analyzing and studying floodplain devolvement, flood model management, flood insurance, and disaster assistance. So, what does the NFIP cover?

First, it's important to keep in mind that flood insurance is a separate policy from your usual homeowner's insurance and auto insurance policies. This means that if your house gets inundated during a flood event, it won't be the homeowner's policy that will give you flood coverage.

Now that we got that out of the way, the National Flood Insurance Program (NFIP) provides coverages for the flood damage that your property will sustain. The property will involve both the dwelling or the building itself — either residential property or commercial — as well as the contents or the personal property that's inside the insured home. NFIP flood insurance cover damages to a dwelling that maxes to $250,000 and contents that maxes to $100,000. There's also additional coverage that comes in when you're a participating community in the National Flood Insurance Program (NFIP) which can be enjoyed through the Community Rating System (CRS) and the Increased Cost of Compliance (ICC).

When Will It Happen?

The Risk Rating 2.0 from the National Flood Insurance Program (NFIP) will take effect starting this October 1st, 2021. It's important to note however that you really don't need to immediately adopt these new rates once Fall comes. The NFIP will allow you to adopt these new rates on your renewal, so if you just renewed your policy with FEMA last April then you can move into the new rates in April 2022.

At the end of the day, we're still subject to extreme weather events, and our friends in coastal areas are more prone to the dangers of these disasters. It's best to know where to get a policy best because we've seen that even without floods, a lot of people still drown due to these expensive insurance premiums.

If you have questions on your flood insurance options in Florida, your flood risk score, or anything about flood, reach out to us by clicking below. Remember, we have an educational background in flood mitigation which lets us help you understand flood risks, your flood insurance, and mitigating your property long-term.

Get Your Flood Risk Score Here!

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

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

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

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

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

The NFIP 2.0

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

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

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

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

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

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

The Good

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

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

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

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

The Bad

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

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

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

The Ugly

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

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

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

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

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

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

When Will It Happen?

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

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

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

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

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