News

The notice to Write-Your-Own insurance companies stated the anticipated quoting and policy issuance for Phase 1 of Risk Rating 2.0 policies will be available starting on Aug. 16.

The legislation clarifies that a flood insurance policy purchased in the private market can count as “continuous coverage” under the terms of the National Flood Insurance Program (NFIP).

The webinars will bring agents the latest information on how and when the new pricing methodology for the National Flood Insurance Program (NFIP) will be implemented.

The webinars are designed specifically for independent agents to learn more about FEMA’s new pricing methodology for the National Flood Insurance Program (NFIP).

The hearing covered topics including the structure of the National Flood Insurance Program (NFIP), the role of private flood insurance, and Risk Rating 2.0.

The new information provides localized rate analysis at the zip code level for all 50 states and the District of Columbia, as well as flood mitigation actions for policyholders.

The National Flood Insurance Program will be hosting a number of Risk Rating 2.0 – Equity in Action webinars designed for insurance agents throughout June and July.

The Big “I” submitted a statement on the need for a long-term reauthorization of the National Flood Insurance Program, and also submitted comments on proposed interagency Q&As on private flood insurance.

The act would require FEMA to release an impact analysis at least six months before National Flood Insurance Program changes, and prohibit certain changes during and up to six months after the COVID-19 emergency declaration.

The legislation would reauthorize the National Flood Insurance Program (NFIP) for five years and clarify that private flood insurance can satisfy the NFIP’s continuous coverage requirements, a top priority for the Big “I.”