Risk Rating 2.0, FEMA's new pricing methodology for the National Flood Insurance Program (NFIP), went into effect Friday, Oct. 1.

All new policies effective on or after Oct. 1 must be issued under Risk Rating 2.0. Existing policies renewing with effective dates between Oct. 1, 2021, and March 31, 2022, can renew under the legacy rating plan or renew their policy under Risk Rating 2.0. All existing policies with renewal dates on or after April 1, 2022, will be renewed under Risk Rating 2.0.

Agents can head to the NFIP Services page for updates and to access the latest documents for Risk Rating 2.0.

Additionally, FEMA recently announced October dates for agent training webinars. Important information about the webinars, such as dates, times and how to register, is listed in this FEMA bulletin. The bulletin also includes important information about continuing education (CE) credits, including which states have approved the webinars for CE credits. In addition, there are still some pending approvals for CE credits that are outlined within the bulletin.

The Risk Rating 2.0 – Equity in Action webinars are free to attend but spaces are limited to 1,500 attendees per event. Register early if you are interested. The webinar will provide agents with the latest information on how Risk Rating 2.0 will be implemented. It will also discuss the following topics:

• What is Risk Rating 2.0 – Equity in Action?
• What led to this NFIP transformation?
• The NFIP today: What is changing?
• What is not changing?
• How will current policies transition?
  

As FEMA continues to provide more information regarding Risk Rating 2.0, the Big “I" will continue to provide members with updates in the weekly News & Views e-newsletter.

Wyatt Stewart is Big “I" assistant vice president of federal government affairs.