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.
Like many things, the implementation of this program was delayed by a year due to the COVID-19 pandemic. While this modernization is long overdue, it has become a source of confusion for agents and concern for homeowners who worry that they won't be able to afford their flood insurance policy in the future.
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