New NFIP rating system has now taken effect

NFIP - calculations

The National Flood Insurance Program’s newest changes started on October 1. The changes made to the rating system for the National Flood Insurance Program (NFIP) went into effect as of October 1, as the Federal Emergency Management Agency (FEMA) implemented its Risk Rate 2.0. At the start of this month, the premiums paid by policyholders in this program start being impacted. The precise change in NFIP premiums under the new Risk Rate 2.0 depends on many factors. According to FEMA reports, there are several changes made to premiums calculations that…

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