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Changing the way Flood Insurance is Rated

The National Flood Insurance Program took on the giant project of changing the way they determine premiums for flood insurance policies. New technology will change the way premiums are calculated for each and every flood insurance policy. Starting October 2021, all the new policies written will be under this new program called Risk Rating 2.0 This is going to fundamentally change the way that agents approach flood insurance, but lucky for you we are working hard to learn this new rating process before it goes into effect.

What you need to know about this change is below:

  • Every policy rating will change, even if you are in the "preferred" program.
  • You will receive letters regarding how your policy may be affected as early as this month, you may have already gotten something.
  • Renewal policies will be affected starting April 2022. If your policy renews before April 2022, it will still be under the old program.
  • Elevation certificates will no longer be required, as other technologies will be taking their place. But if a client has one it can be used if it is beneficial.
  • Once your renewal policy comes you will see a change in premium, there is no way to know what that will be until it happens.
  • Private Flood Policies (those not underwritten by the NFIP) should not be affected in the short term, but changes may occur as this change develops.
  • Your agent is your point of contact for all things flood insurance.

As usual, if you have any questions or concerns regarding this change or how it will affect you, reach out to our Account Management Team at 281-681-0331 - Opt: 2 then Opt: 5. You can also email or utilize one of our contact forms on this site.

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