Under Risk Rating 2.0, many consumers will have more flood insurance choices, better coverage, lower premiums and reduced waiting periods. However property owners who underestimate their current flood risk could experience sticker shock. (STOATPHOTO/Adobe Stock) Under Risk Rating 2.0, many consumers will have more flood insurance choices, better coverage, lower premiums and reduced waiting periods. However, property owners who underestimate their current flood risk could experience sticker shock. (STOATPHOTO/Adobe Stock)

The National Flood Insurance Program (NFIP) has not updated its risk rating methodology in more than 50 years of existence — until now.

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