Chris Greene

Chris Greene


NFIP Risk Rating 2.0 Update

It seems like we have been waiting since 2012 for FEMA to update the National Flood Insurance Program also known as federal flood insurance. When the Biggert-Waters Flood Insurance Reform Act was released back then the plan was to reform the program. However government shutdowns along the way have slowed things down. Let's be honest anything with the federal government takes a while. There were many elements of the program that needed to change. However at the last second congress changed their minds. So many subsidized flood insurance rates continued.



NFIP Risk Rating 2.0

Then came along NFIP Risk Rating 2.0 which had the goal of implementing technology into determining flood risks and flood insurance rates.

The new program will bring a whole new set of requirements with it. Maybe more flood insurance coverage will be available. If you have ever read the flood insurance manual then you know the National Flood Insurance program limits flood insurance coverage on standard flood insurance policies to $250,000 on residential buildings and $500,000 buildings.

Now with these changes could come major changes to flood insurance premiums, flood insurance rate maps, opportunities for communities,  provisions, and standard flood insurance policies. 

Governments have been waiting for these changes for a long time. Some in coastal areas have really been fighting this change.

So when is all this going to impact property owners or maybe even your property?

Important Dates

FEMA recently released a bulletin stating the dates to follow for these changes. We are going to talk about a few of these dates.

  • October 1, 2021
  • April 1, 2022

Let's look at October 1, 2021 we will call this 2.0 day. This will be the day that new policies start being issued under the new program. So any new flood insurance policy issued through the NFIP or the Federal Emergency Management Agency after October 1, 2021 will fall under this program.

So what about insurance policies that are renewing?

Renewing policies are going to follow a little bit different path. If a policy renews between October 1, 2021 and March 31, 2022 then it will have two options. It can stay in the legacy program or it can be written in the NFIP Risk Rating 2.0 program. It could be that the new program is a better option for some people. According to FEMA they expect the average policyholder to have their flood insurance rate go down $84 a month.

If a policy renews after April 1, 2022 then it must renew in the new NFIP Risk Rating 2.0 program.

So those are the dates we have as of right now. These dates could change but as of April 2021 they are expected to go live in 2021.

Maybe you have questions about what your flood risk is or what flood insurance options are available?

Are you in a flood prone area?

What is the borrowing limit in flood zones?

Then make sure to subscribe to our Youtube channel where we do our daily flood education videos. You can also check out our podcast.

The Flood Insurance Guru | Chris Greene | YouTube

Remember we have an educational background in flood mitigation. So we are here to help you understand your flood insurance options, flood risks, and mitigating your property long term.

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