Risk Rating 2.0 News

New Federal Flood Insurance Rating Plan to Start Oct. 1

Hundreds of thousands of Americans will pay significantly more to insure their homes in coastal areas and flood zones under new rules released on Thursday by the Federal Emergency Management Agency (FEMA), the first major update to its pricing system …

FEMA Buys More Flood Reinsurance; Decision Near on Insurance Rate Change Plan

The federal government has bought additional reinsurance to cover losses of the National Flood Insurance Program. On Feb. 23, the Federal Emergency Management Agency (FEMA), which administers the flood insurance program, entered into the agency’s fourth, three-year reinsurance agreement with …

Federal Flood Insurance Premiums Far From Keeping Up With Expected Losses

If the nearly 4.3 million residential homes (1-4 units) across the country with substantial flood risk were to be insured through the National Flood Insurance Program (NFIP), the NFIP rates would need to increase 4.5 times to cover the risk …

Keeping Up with Changes in Florida’s Growing Private Flood Market

Flooding is America’s number one natural disaster and as the highest “at risk” state in the country, Florida is the epicenter for all things flood insurance. Since 1968, when procuring flood insurance, agents and homeowners have had virtually one option: …