How does flood insurance Risk Rating 2.0 calculate NFIP premiums? What is covered? FEMA will host free webinars to help Fla.’s Realtors understand the process.
ORLANDO, Fla. – The Federal Emergency Management Agency (FEMA) changed its risk rating system under the National Flood Insurance Program (NFIP) and called the update “Risk Rating 2.0: Equity in Action.”
Prior to 2.0, a home’s flood insurance cost was based on that area’s flood zone and elevations. Under 2.0, however, the flood risk is one factor used to create a final price quote. Neighboring properties may be quoted different rates depending on a number of factors, including things like storm mitigation efforts one homeowner might have taken.
To help Realtors in Florida understand how Risk Rating 2.0 works, FEMA has scheduled three free Zoom webinars, called the “National Flood Insurance Program (NFIP) Introduction to Risk Rating 2.0 – Equity in Action for Real Estate Professionals.”
“We’re excited to share the National Flood Insurance Program online webinar/presentations with Florida Realtors®’ professional members,” says Floodplain Management and Insurance Taskforce Leader Deborah Parker. “Statistics show that as little as one inch of water can cause approximately $25,000 of flood damage to a home. FEMA continues to provide training for real estate professionals because they have personal relationships with homeowners and homebuyers.”
The three Zoom sessions will each last for one hour – 45 minutes for the presentation and 15 minutes for questions and answers. There is no cost to join, but participation is limited to 300 attendees, and some members may be cut off from attending any single webinar if attendance exceeds that number. Should demand remain strong, however, FEMA will schedule additional webinars.
- March 29, 2023: 10-11 a.m. ET
- April 5: 10-11 a.m. ET
- April 19: 10-11 a.m. ET
- The NFIP today
- What has changed
- What has not changed
- Transition of current policies
- Questions and answers
To join a ZoomGov meeting:
Meeting ID: 160 343 9176
Members can also attend by phone. Info on the numbers to call with the United States or nationally can be found on the Zoom for Government website.
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