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Message
Risk 2.0 - FEMA Finnda Eat!
Posted on 9/15/21 at 10:15 am
Posted on 9/15/21 at 10:15 am
So as far as I can tell, most folks don't know this major change to the National Flood Insurance Program is about to happen, starting on Oct 1, 2021.
FEMA is completely revamping the flood insurance program with a new system called Risk 2.0. FEMA has been tight lipped regarding all of the details of the program, including who all is going to be impacted and by how much ($,$$$). Most of the information that we've been able to dig up has been anecdotal, "word on the street" type stuff.
However, we believe that, when implemented, this new system will have widespread and substantial impacts on the cost of flood insurance and will expand on who is required to carry flood insurance (looking at you, Zone X!).
If anybody has insider knowledge on what is about to happen with this (insurance agents, engineers, surveyors, CFM's, etc.), please chime in.
The calls are starting to trickle in on this. One in particular, Zone X via LOMA - quoted $4k / year on the new program.
Risk 2.0
Correction: Zone X will NOT be required to carry under Risk 2.0
"According to FEMA, although flood zones on a FIRM will not be used to calculate a property’s flood insurance premium,
flood zones will still be used for floodplain management purposes, and the boundary of the Special Flood Hazard Area will
still be required for the mandatory purchase requirement."
LINK
FEMA is completely revamping the flood insurance program with a new system called Risk 2.0. FEMA has been tight lipped regarding all of the details of the program, including who all is going to be impacted and by how much ($,$$$). Most of the information that we've been able to dig up has been anecdotal, "word on the street" type stuff.
However, we believe that, when implemented, this new system will have widespread and substantial impacts on the cost of flood insurance and will expand on who is required to carry flood insurance (looking at you, Zone X!).
If anybody has insider knowledge on what is about to happen with this (insurance agents, engineers, surveyors, CFM's, etc.), please chime in.
The calls are starting to trickle in on this. One in particular, Zone X via LOMA - quoted $4k / year on the new program.
Risk 2.0
Correction: Zone X will NOT be required to carry under Risk 2.0
"According to FEMA, although flood zones on a FIRM will not be used to calculate a property’s flood insurance premium,
flood zones will still be used for floodplain management purposes, and the boundary of the Special Flood Hazard Area will
still be required for the mandatory purchase requirement."
LINK
This post was edited on 9/15/21 at 11:07 am
34
Posted on 9/15/21 at 10:16 am to lafloodcert
$4000 a year? They can GFT
Posted on 9/15/21 at 10:18 am to lafloodcert
The system is broken- Insurance/government no longer provides a service of any value but we still have to pay out the arse for it. The day of reckoning is coming.
Posted on 9/15/21 at 10:20 am to lafloodcert
Two things immediately stand out as troubling on that page. The word EQUITY and
Those words don't mean what they say they mean.
quote:
Also beginning Oct. 1, existing policyholders eligible for renewal will be able to take advantage of immediate decreases in their premiums.
Those words don't mean what they say they mean.
Posted on 9/15/21 at 10:21 am to Oates Mustache
“97% of current policyholders’ premiums will either decrease or increase by $20 or less per month under Risk 2.0”
LINK
LINK
This post was edited on 9/15/21 at 10:23 am
Posted on 9/15/21 at 10:22 am to lafloodcert
It's limited to an 18% increase per year (still too much). Straight from the link you provided... I hate the government but lets pump the sky is falling brakes a bit.
This post was edited on 9/15/21 at 10:23 am
Posted on 9/15/21 at 10:23 am to lafloodcert
quote:
and will expand on who is required to carry flood insurance (looking at you, Zone X!).
fema doesn't set the requirements on who is required to carry flood insurance.
Posted on 9/15/21 at 10:23 am to dukesilver72
I have my renewal right here. $572.
Posted on 9/15/21 at 10:24 am to TDTOM
10/1 is for new business.
Does not change for current policy holders until April 2022
Does not change for current policy holders until April 2022
Posted on 9/15/21 at 10:27 am to dukesilver72
Not trying to scare people. If it ends up being a nothing burger, that's great.
Posted on 9/15/21 at 10:28 am to lafloodcert
quote:
One in particular, Zone X via LOMA - quoted $4k / year on the new program.
Posted on 9/15/21 at 10:28 am to Chad504boy
quote:
fema doesn't set the requirements on who is required to carry flood insurance.
No they don't, BUT if you flooded and got FEMA or Federal/State help and you don't have flood insurance still you will not get any help in the future the way the wording was in the paperwork. And if you moved and the new owner doesn't have it, same case for them. So not required, but you better have it in case.
Posted on 9/15/21 at 10:30 am to statman34
quote:
BUT if you flooded and got FEMA or Federal/State help and you don't have flood insurance still you will not get any help in the future the way the wording was in the paperwork. And if you moved and the new owner doesn't have it, same case for them. So not required, but you better have it in case.
what's wrong with this? a property won't get bailed out twice... buy fricking insurance.
Posted on 9/15/21 at 10:30 am to lafloodcert
Rates look horrible so far. Will lead to many X zones not buying flood insurance.
Posted on 9/15/21 at 10:31 am to Chad504boy
quote:
what's wrong with this? a property won't get bailed out twice... buy fricking insurance.
Nothing at all wrong with it....just clarifying that they won't give money again if they don't have insurance.
Posted on 9/15/21 at 10:33 am to dukesilver72
quote:
It's limited to an 18% increase per year
on existing policies.
Posted on 9/15/21 at 10:34 am to statman34
quote:
No they don't, BUT if you flooded and got FEMA or Federal/State help and you don't have flood insurance still you will not get any help in the future the way the wording was in the paperwork. And if you moved and the new owner doesn't have it, same case for them. So not required, but you better have it in case.
Will piss off a lot of people, but that's how it should be done. I am in Zone X and not required to carry flood insurance. But, since I line in LA I still pay my $450 per year even though I know FEAM would bail me out anyway
Posted on 9/15/21 at 10:34 am to lafloodcert
Discouraging people from living where it floods is a good idea.
Posted on 9/15/21 at 10:35 am to lafloodcert
Is this where you apply to get generator and chainsaw money?
This means 97% of policyholders will see a substantial increase. If you like your flood insurance you can keep your flood insurance. Most policyholders and family of four will see a decrease. Sounds familiar?
quote:
97% of current policyholders’ premiums will either decrease or increase by $20 or less per month under Risk 2.0
This means 97% of policyholders will see a substantial increase. If you like your flood insurance you can keep your flood insurance. Most policyholders and family of four will see a decrease. Sounds familiar?
This post was edited on 9/15/21 at 10:38 am
Posted on 9/15/21 at 10:38 am to lafloodcert
I got a quote for $572 a few months ago. Called my agent yesterday to get the ball rolling and the price had jumped to $1800
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