FEMA Delays Updating Flood Risk Rating System Until (Of Course!) After The 2020 Election [View all]

[hatrack]

Major changes to the way the federal government rates flood risk are being pushed back a year. The Federal Emergency Management Agency delayed the release of its “Risk Rating 2.0” plan, which would rate homes’ flood risk more precisely than current models. It will now go into effect in October 2021.

“Some additional time is required to conduct a comprehensive analysis of the proposed rating structure so as to protect policyholders and minimize any unintentional negative effects of the transition,” the agency said in a statement. Politicians and advocates for policyholders were concerned that the changes could significantly increase premiums for some homeowners, particularly on the coast.

Currently, a home’s flood risk is determined by which flood zone it falls into. These zones, which are set by FEMA, include surrounding areas, homes and businesses. They shift slightly every few years as FEMA gets better measuring capabilities and the landscape is affected by development and sea level changes, which can affect the rate homeowners pay for flood insurance.

The new program would rate individual homes on their risk instead of lumping them in with their surroundings. This would give homeowners a more precise picture of how their homes could be affected by flooding, but it may also result in significant increases in some cases.

EDIT

https://www.tampabay.com/news/business/2019/11/08/fema-delays-major-changes-to-flood-risk-rating-program-until-2021/