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National Flood Insurance Program: The Current Rating ...

National Flood Insurance Program: The Current Rating Structure and Risk Rating Updated April 4, 2022 Congressional Research Service R45999 Congressional Research Service SUMMARY National Flood Insurance Program: The Current Rating Structure and Risk Rating The National Flood Insurance Program (NFIP) is the primary source of Flood Insurance coverage for residential properties in the United States, with more than 5 million policies in over 22,000 communities in 56 states and jurisdictions. FEMA is in the process of introducing the biggest change to the way the NFIP calculates Flood Insurance premiums, known as Risk Rating , since the inception of the NFIP in 1968. The new premium rates went into effect on October 1, 2021, for new NFIP policies only. The new rates for existing NFIP policyholders took effect on April 1, 2022. Risk Rating will continue the overall policy of phasing out NFIP subsidies, which began with the Biggert-Waters Flood Insurance Reform Act of 2012 and continued with the Homeowner Flood Insurance Affordability Act of 2014.

Dec 09, 2021 · The Federal Emergency Management Agency (FEMA), which administers the NFIP, is planning to introduce Risk Rating 2.0, which represents the biggest change to the way the NFIP calculates flood insurance premiums since its inception.4 The new premium rates went into effect on October 1, 2021, for new NFIP policies only.

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  Federal, Programs, Management, Agency, National, Insurance, Emergency, Federal emergency management agency, Floods, Flood insurance, National flood insurance program

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