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  • FEMA recently updated the NFIP with a new program called Risk Rating 2.0
  • Flood insurance rates are no longer based on flood maps and elevation; instead, they’re calculated on the features of individual homes, like how close you are to a coastline or river, your foundation type, and the cost to rebuild your home.
  • These changes are meant to fix long-standing inequalities in flood insurance pricing. Some people with lower home values have been paying too much, while people with higher value homes were bearing less of the burden. 
  • The updates to the NFIP happened on Oct. 1, 2021. New policies will see these changes right away. Existing policies won’t see changes until renewals on or after April 1, 2022, and increases are capped at 18% per year. 

A few other items to note:

  • 77% of policyholders are projected to see their rates increase, but most will only see increases of $10 or less per month. 
  • High-value homeowners in flood-prone areas might see big rate increases.
  • You can check out the expected changes for your neighborhood using FEMA’s interactive map

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