Do you know about the new flood risk ratings and how they impact flood insurance? Naples Real Estate
Effective October 1st, there are new changes being implemented that affect flood insurance guidelines and costs. Are you familiar with the high-points of these changes? Matt Nance from Responsive Insurance has provided some a nice, high-level summary to give important insights on this change that is just around the corner.
Changes to Flood Insurance
FEMA is rolling out flood risk rating 2.0. The general concept is that more advanced rating techniques and technology will be combined with updated rating analytics to predict flooding exposure more accurately and thus establish premiums.
Rating 2.0 goes live for new business effective 10/01/2021.
Some key components:
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