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.

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

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

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:

The Flood Insurance Guru | Washington Flood Insurance: 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 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 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

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

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

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

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

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

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

The NFIP 2.0

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

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

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

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

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

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

The Good

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

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

The Bad

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

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

The Ugly

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

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

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

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

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

When Will It Happen?

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

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

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

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

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

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

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

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

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

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

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

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

The NFIP 2.0

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

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

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

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

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

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

The Good

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

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

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

The Bad

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

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

The Ugly

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

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

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

The full pie graph can be seen below:

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

When Will It Happen?

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

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

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

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

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

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

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

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

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

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

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

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

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

The NFIP 2.0

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

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

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

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

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

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

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

The Good

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

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

The Bad

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

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

The Ugly

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

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

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

You can see the full graph of these changes here:

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

When Will It Happen?

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

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

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

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

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

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