Nationwide flood insurance policies will endure a seismic alter for homebuyers on Oct. one, 2021, and for existing homeowners on April one, 2022. Beneath “Risk Rating two.,” policy fees will be individualized primarily based on a particular house relatively than a common blanket charge primarily based on flood zones.
WASHINGTON – The Congressional Study Support launched an current investigation of the Nationwide Flood Insurance policies (NFIP) system slated to go into influence on Oct. one, 2021, for new homeowners and starting up on April one, 2022, for existing homeowners.
The report, Nationwide Flood Insurance policies Software: The Recent Rating Structure and Possibility Rating two., describes in detail how the authorities strategies to operate the system.
“Risk Rating two. will keep on the total policy of phasing out NFIP subsidies, which started with the Biggert-Waters Flood Insurance policies Reform Act of 2012 and ongoing with the House owner Flood Insurance policies