Posted by
Message
lafloodcert
LSU Fan
Wrong side of town
Member since Sep 2021
8 posts

Risk 2.0 - FEMA Finnda Eat!
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



This post was edited on 9/15 at 11:07 am


Oates Mustache
US Space Force Fan
Member since Oct 2011
12446 posts
 Online 

re: Risk 2.0 - FEMA Finnda Eat!
$4000 a year? They can GFT


deathvalleyfreak43
LSU Fan
Baton Rouge
Member since Jul 2008
9700 posts

re: Risk 2.0 - FEMA Finnda Eat!
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.


dakarx
Member since Sep 2018
3495 posts
 Online 

re: Risk 2.0 - FEMA Finnda Eat!
Two things immediately stand out as troubling on that page. The word EQUITY and
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.



Replies (0)
Replies (0)
90
jimbeam
US Army Fan
University of LSU
Member since Oct 2011
73166 posts

re: Risk 2.0 - FEMA Finnda Eat!
“97% of current policyholders’ premiums will either decrease or increase by $20 or less per month under Risk 2.0”

LINK
This post was edited on 9/15 at 10:23 am


Replies (0)
Replies (0)
130
dukesilver72
LSU Fan
Texas
Member since Feb 2015
672 posts

re: Risk 2.0 - FEMA Finnda Eat!
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 at 10:23 am


Chad504boy
Member since Feb 2005
147851 posts
 Online 

re: Risk 2.0 - FEMA Finnda Eat!
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.


TDTOM
Member since Jan 2021
3259 posts
 Online 

re: Risk 2.0 - FEMA Finnda Eat!
I have my renewal right here. $572.


LSUftown22
LSU Fan
Member since Sep 2007
476 posts

re: Risk 2.0 - FEMA Finnda Eat!
10/1 is for new business.

Does not change for current policy holders until April 2022


Replies (0)
Replies (0)
40
lafloodcert
LSU Fan
Wrong side of town
Member since Sep 2021
8 posts

re: Risk 2.0 - FEMA Finnda Eat!
Not trying to scare people. If it ends up being a nothing burger, that's great.


TD SponsorTD Fan
USA
Member since 2001
Thank you for supporting our sponsors
Advertisement
upgrayedd
US Space Force Fan
Lifting at Tobin's house
Member since Mar 2013
121226 posts

re: Risk 2.0 - FEMA Finnda Eat!
quote:

One in particular, Zone X via LOMA - quoted $4k / year on the new program.


Replies (0)
Replies (0)
20
statman34
Houston Astros Fan
Member since Feb 2011
1844 posts

re: Risk 2.0 - FEMA Finnda Eat!
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.


Chad504boy
Member since Feb 2005
147851 posts
 Online 

re: Risk 2.0 - FEMA Finnda Eat!
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.


Teddy1388
LSU Fan
I-10
Member since Aug 2017
502 posts

re: Risk 2.0 - FEMA Finnda Eat!
Rates look horrible so far. Will lead to many X zones not buying flood insurance.


Replies (0)
Replies (0)
51
statman34
Houston Astros Fan
Member since Feb 2011
1844 posts

re: Risk 2.0 - FEMA Finnda Eat!
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.


Replies (0)
Replies (0)
40
lafloodcert
LSU Fan
Wrong side of town
Member since Sep 2021
8 posts

re: Risk 2.0 - FEMA Finnda Eat!
quote:

It's limited to an 18% increase per year


on existing policies.


Replies (0)
Replies (0)
20
Weekend Warrior79
LSU Fan
Member since Aug 2014
8585 posts

re: Risk 2.0 - FEMA Finnda Eat!
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


calcotron
LSU Fan
Member since Nov 2007
4549 posts

re: Risk 2.0 - FEMA Finnda Eat!
Discouraging people from living where it floods is a good idea.


fatboydave
LSU Fan
Fat boy land
Member since Aug 2004
16879 posts

re: Risk 2.0 - FEMA Finnda Eat!
Is this where you apply to get generator and chainsaw money?



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 at 10:38 am


tigerpike
LSU Fan
P-Ville
Member since Oct 2004
1206 posts

re: Risk 2.0 - FEMA Finnda Eat!
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


Replies (0)
Replies (0)
20
first pageprev pagePage 1 of 4next pagelast page

Back to top

logoFollow TigerDroppings for LSU Football News
Follow us on Twitter, Facebook and Instagram to get the latest updates on LSU Football and Recruiting.

FacebookTwitterInstagram