NFIP Updates Will Affect Flood Risk Assessments, Flood Insurance Premiums

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Aerial view of rural flooding at sunset

Homeowners should be aware of the Federal Emergency Management Agency’s (FEMA’s) recent updates to the National Flood Insurance Program (NFIP).

The update will change the way FEMA assesses flood risks and determines flood insurance premiums. Instead of categorizing flood risk based on floodplain maps currently used, FEMA will assess properties on a property-by-property basis. This may result in reduced rates for some and increased rates for others.

FEMA will establish new rates will by April 2020 and implement them by October 2020. Learn more about the updates, called “Risk Rating 2.0,” on FEMA’s website.

IBTS has extensive experience with the NFIP. In the City of Central, LA, we helped residents better understand and navigate the program in the aftermath of the record breaking August 2016 flooding. IBTS experts are available to answer questions on substantial damage assessments, program eligibility requirements, compliance and other complicated components of the program. Contact us for more information.

Stay tuned for more updates as FEMA releases additional information about the changes.

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