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April 1 marked the final rollout of the National Flood Insurance Program’s (NFIP) new rating methodology, which is intended to reflect flood risk more accurately. And while some may have seen headlines warning of drastic premium increases resulting from this change – known as Risk Rating 2.0 – that certainly isn’t the rule.
According to the Federal Emergency Management Agency (FEMA), over 114,000 single-family homeowners in Florida, as well as two-thirds of policyholders with older (pre-1970s) homes, will actually see premium decreases.
FEMA also notes that nearly 96 percent of existing premiums will either decrease or increase by $20 or less monthly.