FEMA Postpones Flood Insurance Changes for One Year
WASHINGTON – The Federal Emergency Management Agency (FEMA) has postponed the roll-out date of Risk Rating 2.0 – its plan to update and extend the National Flood Insurance Program (NFIP). The original effective date of Oct. 1, 2020, has been moved back one year to Oct. 1, 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,” FEMA said in a prepared statement. The extension will also allow “all National Flood Insurance Program (NFIP) policies – including, single-family homes, multi-unit and commercial properties – to change over to the new rating system at one time instead of a phased approach.”