FEMA Changing Flood Insurance Pricing System – Risk Rating 2.0 and NAR Resources
October 4, 2021
You may have seen in the news that FEMA is changing the NFIP’s pricing system. Called Risk Rating 2.0: Equity in Action, the new pricing system took effect on new flood insurance policies on October 1, 2021, while existing policy renewals will change on April 1, 2022. The National Association of REALTORS® (NAR), which supports the change, indicates that the new system will price flood insurance for individual homes rather than by flood zone, providing more accurate and precise rates.
For more information on Risk Rating 2.0: Equity in Action, NAR has a host of resources for REALTORS® and homeowners here.