![]() Risk Rating 2.0: Equity in Action | FEMA. For more information regarding the Group Flood Insurance program, call the NFIP Direct at 80, option number 2. 1, existing policyholders eligible for renewal will be able to take advantage of immediate decreases in their premiums.Īll remaining policies renewing on or after April 1, 2022, will be subject to the new rating methodology. 1, 2021, will be subject to the new rating methodology. Phase I of Risk Rating 2.0 was implemented in 2021. These include flood frequency, multiple flood types-river overflow, storm surge, coastal erosion and heavy rainfall and distance to a water source along with property characteristics such as elevation and the cost to rebuild. If the property is not in a high-risk area, federal law does not require flood insurance. ![]() Insurance rates are based on flood zone and elevation of the structure, and more. With Risk Rating 2.0, FEMA has the capability and tools to address flood rating disparities by incorporating more flood risk variables. Under federal law, the purchase of flood insurance is mandatory for all federal or federally-related financial assistance for the acquisition and/or construction of buildings in high-risk flood areas. Feel free to discuss flood insurance decisions with your local floodplain official in addition to your insurance agent.Īnyone can obtain flood insurance even those outside of a FEMA floodplain. Housing Affordability & Community RevitalizationĬhanges to the flood maps may impact your need to obtain flood insurance or effect a rate change. ![]() City-County Bureau of Identification (CCBI).Office of Diversity, Equity & Inclusion.NC Cooperative Extension – Wake County Center.
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