Risk Rating 2.0 is a new tool developed by the Federal Emergency Management Agency (FEMA) for the National Flood Insurance Program (NFIP) to determine whether communities are at risk from flooding.
This tool uses a combination of data sources to identify areas where flooding is likely to occur and the same data will also be the basis for your premium rate.
One of the biggest things that this new rating system won't take into account when it comes to premium rates is flood zones. However, it is still important to be aware of new flood maps updates as this represents both where flooding can happen and where flood insurance is required.
Oregon may not be the first place that comes to mind when you think of floods, but the state has a long and storied history with this natural disaster. From the massive flood of 1862 that destroyed much of downtown Portland to the devastating floods that have struck in recent years, Oregonians know all too well how destructive flooding can be.
If you're concerned about your home's risk of flooding, it's important to understand your area's history and what steps you can take to protect your property.
Today, we want to talk about the Good, the Bad, and the Ugly changes coming to flood maps of Harney County, Oregon this April 20th, 2022.
When it comes to the good changes in flood map updates, this generally falls into the "in to out movement". It's called this way because a property that's in a high-risk flood zone will be moved out to a low-risk flood zone like Flood Zone X.
This is a good thing for 486 property owners impacted by this movement in Harney County. This simply means that your property is being removed from the special flood hazard area (SFHA). This is somewhat unexpected because generally, we see fewer properties moving out from a high-risk zone whenever there are new flood insurance rate maps.
This also means that due to the lower risks, your mortgage company will no longer require you to carry flood insurance on your property.
Although we'd love to tell you to cancel that policy, get your refund, and save more money by removing flood insurance from your expenses, it's still a bad idea to not have flood insurance.
Now, let's move into the bad changes which are coming in form of the aforementioned "out to in movement". This change is expected to impact only 320 properties in Harney, Oregon. Think of it as getting mapped to a Flood Zone A when you were previously in a Flood Zone X.
Although this doesn't really impact premium rates directly, it's important to note that Flood Zone A generally means that the area doesn't have a base flood elevation.
Being part of this change can still hurt your premium rates regardless of whether you're doing a National Flood Insurance Program (NFIP) policy or a private flood insurance one.
Properties in Flood Zone A, SFHA, or any high-risk zone are also required to carry flood insurance always.
Lastly, we have the ugly change or "in to in movement" which covers the largest impact on this flood map update for the county. At least 3,052 properties will retain their flood zone. This means that if you're in Flood Zone AE, you will stay there until the next flood map update. Think of it as moving from a Flood Zone A to a Flood Zone AE.
If you're staying in your flood zone this means that you will also retain the same flood insurance rates since your risks stay the same. On the other hand, if you fall into being moved deeper into the SFHA, which indicates that you're facing a higher risk for flooding, you will also see your premium rates increase significantly.
Now, let's talk about your flood insurance options in Harney County. Watch the video below to know the difference between the National Flood Insurance Program (NFIP) and the Private Flood Insurance market.
Flood insurance is important now more than ever as we face higher risks for floods. You don't want to be blindsided by all that floodwater and find yourself in a lot of losses.
If you want to learn more about flood insurance in Oregon, flood mitigation, or anything related to flood insurance, click below to go to our Flood Learning Center:
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