As of October 1, FEMA has implemented a new rating methodology for flood insurance called Risk Rating 2.0. First, flood elevation certificates will not be required, but can be evaluated. Second, Flood Zone X properties will not require flood insurance. Next, this new system will rate each property based on the following factors among others: Prior Flood Claims Distance to flooding source Structure's construction type Type of occupancy of the structure
Current FEMA policies will remain in effect until renewal. IF renewal is after April 1, 2022, the policies will be renewed under the new system. So your premium may change.
You can imagine the uncertainty this new method has brought to homeowners and our real estate industry. What was once thought might be catastrophic, has, surprisingly, been favorable -- thus far! We have had Aundrea Allen with SafeSource Insurance re-assess several of our client's homes and this is what has occurred:
Lastly, private market flood insurance carriers are available should your rates increase.
We know this can be confusing. If you would like to know what your premium for flood insurance through FEMA would be under the new program. Or give us a call with any questions. The KeyFinders Team is always here to serve you!
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