Pre-FIRM Discounts with NFIP Risk Rating 2.0
Is your house built before the first flood map was published for your community? Jump right in because, in this video, we will discuss discounts for Pre-FIRM or flood insurance rate map properties with the NFIP Risk Rating 2.0.
What is Risk Rating 2.0?
Risk rating 2.0 is the new methodology the National Flood Insurance Program is using to rate flood insurance rates for all properties.
So what exactly is a pre-firm property? This is a property that was built before the first flood map in that area. In most areas, this is usually before 1981.
Pre-firm and post-firm structures have different rating models when it comes to flood insurance. Traditionally pre-firm structures were grandfathered into their own system with a risk rating 2.0 many of these grandfathered benefits will eventually go away.
Rating Factors
Risk rating 2.0 brings in a whole new set of factors and we discuss those factors in the video above. Some of the things that risk rating 2.0 looks at are
- Distance to water
- Elevation
- Claims history
- Type of flooding
- Flooding frequency
It is also important to know that flood zones no longer determine insurance rates with the National Flood Insurance Program.
Want to know what your risk of flooding is click here to find out
Ready to take the next steps to get the right flood insurance? Click here to protect your investment and get peace of mind knowing you are protected.
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