Beginning Friday, April 1, all flood policies must be priced under Risk Rating 2.0 at renewal.
Risk Rating 2.0, FEMA's new pricing methodology for the National Flood Insurance Program (NFIP), went into effect Oct. 1, 2021, for all new policies and offered insureds the option to renew under Risk Rating 2.0 or the existing NFIP framework.
However, the NFIP has now moved into Phase II of Risk Rating 2.0, which focuses on transitioning all existing policies. Beginning Friday, April 1, all policies must be priced under Risk Rating 2.0 at renewal.
FEMA is currently offering new webinars for agents that will focus on the renewal process under Risk Rating 2.0. The webinars will cover:
- Necessary rating variables for renewal policies.
- Mitigation discounts available to a policyholder.
- Annual increase cap discount.
- Provisional rates.
- Changes to the lapse in coverage rule.
This week, FEMA announced new April dates and times for the webinars. Agents can sign up below:
- Wednesday, April 6, 11 a.m.-12 p.m. ET
- Wednesday, April 13, 3-4 p.m. ET
- Tuesday, April 19, 3-4 p.m. ET
- Thursday, April 21, 11 a.m.-12 p.m. ET
- Wednesday, April 27, 3-4 p.m. ET
Agents can also visit the NFIP website for updates and to access the latest documents for Risk Rating 2.0.
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.