Flood Insurance - 2.0 and Rate Increases Nationally

[marindependent]

Great Article:
Flood Rating 2.0 Begins April 1 for NFIP Renewals, Hiking Premiums for 2 Million Homes

Here are some highlights:
Starting April 1, property owners in low-lying areas across the country will see their premiums increase when they renew their flood insurance policies, thanks to the federal government’s new flood-risk rating system.
...
“Risk Rating 2.0 is not just a minor improvement, but a transformational leap forward,” the Federal Emergency Management Agency said in a statement. “Risk Rating 2.0 enables FEMA to set rates that are fairer and ensures rate increases and decreases are both equitable.”
...
In some parts of Florida, the cost of flood insurance is expected to eventually increase by 1,000%, the New York Times recently reported after analyzing NFIP data. Until recently, a Tampa homeowner paid about $480 a year for a flood policy. That could eventually top $7,000 a year after annual increases.
...
Premium increases are limited by federal law to no more than 18% per year. So with Risk Rating 2.0, about 2.4 million homes will see rates increase by moderate amounts this year, the Times has reported. Another 627,000 should see premiums drop after the April 1 renewals.

There is obviously more to the article.

 

[Alex Buric]

Great Article:
Flood Rating 2.0 Begins April 1 for NFIP Renewals, Hiking Premiums for 2 Million Homes

Here are some highlights:
Starting April 1, property owners in low-lying areas across the country will see their premiums increase when they renew their flood insurance policies, thanks to the federal government’s new flood-risk rating system.
...
“Risk Rating 2.0 is not just a minor improvement, but a transformational leap forward,” the Federal Emergency Management Agency said in a statement. “Risk Rating 2.0 enables FEMA to set rates that are fairer and ensures rate increases and decreases are both equitable.”
...
In some parts of Florida, the cost of flood insurance is expected to eventually increase by 1,000%, the New York Times recently reported after analyzing NFIP data. Until recently, a Tampa homeowner paid about $480 a year for a flood policy. That could eventually top $7,000 a year after annual increases.
...
Premium increases are limited by federal law to no more than 18% per year. So with Risk Rating 2.0, about 2.4 million homes will see rates increase by moderate amounts this year, the Times has reported. Another 627,000 should see premiums drop after the April 1 renewals.

There is obviously more to the article.

My X zone home in Dunedin went from $650ish pre-2.0 to $2200 post 2.0. I know flood zone doesn't have an impact on rating anymore, but it did before. Flood did need revamping though, so hopefully this change is for the best.