Risk Rating 2

Risk Rating 2.0 Overview (external)

First Things First

Based on materials provided by FEMA

After much research and planning, FEMA is releasing a new rating system for FEMA Flood Insurance.

Most of the plan is set. However, there are some areas that are still being reviewed by FEMA and may change prior to the release date.

This PowerPoint contains information based on our understanding of the most current versions of Risk Rating 2.0 materials provided by FEMA.

The final Flood Insurance Manual (FIM) has not been released by FEMA and may contain changes not currently listed in FEMA’s current material.

We recommend all agents take the Risk Rating 2.0 training webinars provided by FEMA and review the final Flood Insurance Manual (FIM) when it is released.

The WhysRating Methodology FEMA Sourced DataGeolocation & Additional Data SourcesCost To RebuildRating VariablesBroader Range Of Flood FrequenciesFees And SurchargesDiscountsRetired Policy Types/Rating MethodsDeductible RulesCancellationsWhat Is Not ChangingEffective Date Rule ChangeWhen Will This Be HappeningLastlyResources

**Contrl & Click to follow the links

Table of Contents

The Whys

Per FEMA, only 4% of the homes in the U.S. currently carry flood insurance even though flood

is the most common natural disaster.

*Return to Table of Contents

The Whys

Why isn't the current rating method working?

• The current rating methodology has not changed since the 1970s. • It is based on a structure's elevation within a Zone on a FIRM• This current method does not incorporate enough flooding variables.• Technology has evolved.• FEMA’s understanding of flood risk has evolved.

How is FEMA dealing with this?

FEMA will be leveraging industry best practices and current technology to deliver rates that are:

• Equitable• Easier to understand• Better reflect a property’s individual flood risk


The Whys

Why transition to Risk Rating 2.0?

It will help FEMA fulfill its statutory responsibility to clearly communicate flood risk.It will provide information for more informed decisions.

• It will incorporate more flood risk variables such as• Flood frequency• Multiple flood types (ex: river overflow, storm surge, coastal erosion, heavy rainfall)• Distance to a water source• Property characteristics (ex: cost to rebuild, elevation)

• This will help individuals while purchasing insurance and considering appropriate mitigation options for reducing flood risk and lowering flood rates.

• This will also assist communities in initiating and determining mitigation options.

Risk Rating 2.0 is designed to calculate premiums more equitably for all policyholders.• The rating will include the value of the structure.• The rating will also be based on the flooding risk for the specific property.


The Whys

An important goal of transforming the NFIP is to increase national preparedness. This will help to ensure faster and fuller recovery after a flooding event for disaster survivors and communities.

FEMA will reduce disaster-related suffering and costs through RR 2.0 by• Leveraging advances in industry best practices• Advanced actuarial practices• Technology• Flood risk modeling• Emphasis on mitigation efforts

To ensure a clear view and understanding of the implementation, FEMA is updating:• Congress• Other key industry partners• State agencies• Private sector• Organizations

To continue the path to making the NFIP actuarially sound.

Working with the Write Your Own companies, FEMA will communicate with policyholders to understand what these changes will mean to them.


The Whys

Risk Rating 2.0 is equity in action

Risk Rating 2.0 new pricing methodology set premiums to strongly signal risks and promote actions to mitigate against them.

Individuals will pay their accurate share as the structure is rated based on the risk and not just a FIRM and BFE.

Under the current rating methodology all policyholders have been subject to yearly premium increases.

Under Risk Rating 2.0, increases to rates will not be indefinite.

Different properties will be affected differently. Some premiums will go up, some down and some stay the same. This is because under this new pricing plan each property premium for each policy holder will be determined by its individual risk.

Due to existing statutory limits on increases imposed by Congress, those policyholders whose premiums will increase, will be transitioned using a Glidepath. On the Glidepath, there will be premium caps (based on statutory limits in effect) on increases until the policy reaches full-risk rating.

If an owner sells their property with an active Flood policy,• FEMA will allow the policyholder to transfer the remainder of the policy term with the current glidepath to

the new owner.


The Whys

Residential Properties on the Current System

Under the current rating methodology policyholders on average see premium increases of $8 per month.

Under the new pricing system, FEMA is expecting 96% of current policyholders to see either an immediate decrease or $20 or less per month increase in their premiums.

Residential Properties on the New System


The Whys

Over the last 50 years, there have been:• $60 billion in NFIP premiums collected• $96 billion in costs (including losses, operating expenses, and interest)

When the program does not generate the appropriate amount of revenue, the taxpayers and policyholders are adversely impacted.

By appropriately assessing risk and setting premiumsthat match those risks, Risk Rating 2.0 will help to create a program with financial stability and accountability.

NFIP premiums no longer cover the cost of Flood claims


The Whys

The current program is complex

It has long been recognized that the FEMA program has become very complicated and difficult, especially for policyholders.

Through Risk Rating 2.0, FEMA is simplifying and reorganizing the program, in a way that is designed to help industry professionals and property owners to more easily navigate the program.

Here are some key items:• Foundation types: Reduced to 6 options• Construction types: Reduced to 3 options• Cancellation reasons: Reorganized and reworked• Zones and BFEs: No longer needed for rating• Policy types: Certain policy types retired• Grandfathering: Zones and BFEs removed as eligible reasons

Take some time to read through FEMA's webpage on Risk Rating 2.0: Equity in Action

https://www.fema.gov/flood-insurance/work-with-nfip/risk-rating



Rating Methodology

CURRENT RATINGFEMA-SOURCED DATARATING VARIABLES

• Flood Insurance Rate Map Zone• Base Flood Elevation• Foundation Type• Structural Elevation (SFHA only)

1% ANNUAL CHANCE OF FLOODING (FREQUENCY)

FEES & SURCHARGES

RISK RATING 2.0FEMA-SOURCED DATAADDITIONAL DATA SOURCES*Federal Government-sourced data, commercially available third-party data

COST TO REBUILDRATING VARIABLES

• Distance to flooding Source & Flood Type• Construction Type• Foundation Type• Ground Elevation• First Floor Height• Number of Floors• Prior Claims

BROADER RANGE OF FLOOD FREQUENCIES

FEES & SURCHARGES

*ADDITIONAL VARIABLES NOT SHOWN HERE


FEMA-SOURCED DATA

Flood Insurance Rate Maps

• Although FEMA will continue to use the Flood Insurance Rate Map (FIRM), with Risk Rating 2.0, we will no longer use the Zones and Base Flood Elevation (BFE) for rating purposes.

Zones and BFEs

• Zone and BFE will not be part of the rating.• These continue to be needed for mandatory purchase and Flood Plain

Management.• Zones will not be a factor in determining minimum deductibles.

Elevation Certificates• Policy holders will be able to use an EC but not in the same way.• See Rating Variable section on Determining First Floor Height


FEMA-SOURCED DATA

WYOs will need to continue providing map and flood zone information and validating annually.

They remain relevant for multiple reasons:

• Mandatory purchase requirement for properties in SFHA

• Community documentation of Flood Plain Management

• Eligibility for Zone AR and A99 discount

• When using EC to provide First Floor Height, fields vary depending on zone

• Enclosure coverage eligibility

• Zones do not affect CRS discount, but rules tied to SFHA can make a property ineligible

Continued need to provide map and flood zone information


GEOLOCATION & ADDITIONAL DATA SOURCES

Risk Rating 2.0 uses new risk data sources:

• To better measure the real risk for each structure

• By integrating additional data-sets into the rating structure• Federal government-source data• commercially available third-party data

• This will be automated and included in the new rating system so it will already be included in rating

Additional Data Sources


GEOLOCATION & ADDITIONAL DATA SOURCES*Return to Table of Contents

GEOLOCATION & ADDITIONAL DATA SOURCES

FEMA will

• validate eligibility for NFIP coverage

• apply geospatial and relevant third-party data (e.g., Google Maps)

• calculate the premium

• send the quote to the insurer system

FEMA


COST TO REBUILD

Why

• FEMA is working to meet the goal of traditional insurance rating.

• Determining a rate that is based on the cost of the structure is more equitable.

How• Replacement Cost Value (RCV) will be a new rating element for all properties.

• The Risk Rating 2.0 engine will have a new tool that determines RCV for certain structure types. (see next slide)

• The tool will determine the RCV based on the information the agent provides on the application.

• The replacement cost tool will not be used for certain structure types. (see next slide)• But the RCV still required for rating.• The agent will be required to enter the RCV based on appropriate documentation.• Documentation will be required to be submitted for specific building types


COST TO REBUILD

1-4 Family Residential Structures & Residential Units

When dealing with policies for:

• Single-Family Home

• Residential Manufactured / Mobile Home

• Residential Unit

• Two-to-Four Family Building

FEMA will determine the Building Replacement Cost using the Replacement Cost Tool. Longitude/Latitude may be requested to assist in this process.

However, If FEMA is unable to determine the replacement cost of the building or the unit, it is up to the insured to obtain the Building Replacement Cost and report it on their Application Form. This must be done by means of an appraisal or a replacement cost value estimator.


COST TO REBUILD

5+ Family Residential Structure, Condo Building & Non-Residential Structures

When dealing with policies for:

• Other Residential Building

• Residential Condominium Building

• Non-Residential Building

• Non-Residential Manufactured / Mobile Building

• Non-Residential Unit policies

FEMA will not determine the Building Replacement Cost. An appraisal or a replacement cost value estimator must be obtained to get the Building Replacement Cost Value and submitted with the application. Similar to how RCBAPs currently operate, the information must be validated at least every 3 years.


Rating Variables

Important Notes

• Rate tables will no longer be provided to WYO companies as they will no longer be used for rating.

• Rates will be provided by FEMA's risk Rating 2.0 rating engine.

• The RR 2.0 rating system will use all the info and determine a rate based on the info that is entered into the WYO system and information that is pulled from other sources.

• Zone and BFE will no longer used for determining rates.


Rating Variables

Distance To Flooding Source

This factor will be determined automatically using geospatial information (GIS) data based on the property location entered by the agent.

Type of Flooding

Under the old methodology many types of flooding were not considered.

Under Risk Rating 2.0, this factor will be determined automatically using geospatial information (GIS) data based on the property location entered by the agent.

It will include sources such as:• Inland• Storm Surge• Tsunami• Coastal Erosion• Great Lakes


Rating Variables

Construction type needs to be determined ONLY if the building isa Single-Family and 2-4 Family Home.


Rating Variables

Frame

The first floor above ground level is constructed with wood or metal frame walls; or

Other materials such as exterior brick or masonry veneer are connected to frame construction.


Rating Variables

MasonryFirst floor above ground level is constructed with masonry including brick, or concrete block walls for the full story;

Building has a floor below the ground (for example a basement or walkout basement); or

Bottom floor is masonry, and the next higher floor has frame construction.


Rating Variables

Other

Use other when the first floor above ground level is constructed with materials other than wood frame walls or masonry walls for the full story

Any portion of the wall between ground level and next higher floor is frame construction (for example, “knee walls” whose lower wall is concrete block with frame wall on the higher portion)


Rating Variables

Foundation Type information

• The old rating system had 11 diagram numbers (including 1B + 2B)

• Risk Rating 2.0 has only 6 foundation types

• They are categorized as elevated or non-elevated


Rating Variables

New Foundation Types


Rating Variables

Ground Elevation

Ground Elevation is compared to the first floor determine the First Floor Height.


Rating Variables

The First Floor Height (the height above ground level of the building’s first floor) is critical to understanding

flood risk.

Generally, the higher the elevation of a building’s first floor, the less flood damage it is likely to incur.

First Floor Height


Rating Variables*Return to Table of Contents

Rating Variables

System GeneratedThis is part of the new Risk Rating 2.0 rating engine.

The system will determine a First Floor Height value using application information, and various datasets.

Elevation Certificate• ECs will not be required under Risk Rating 2.0.

• As an option, an EC can be used to determine the structures elevations, including the First Floor Height.

• This option will only be used if it is more beneficial.

• The insured will now be allowed to complete an EC using Section E in any zone.

• If an EC that is submitted is older and does not have the LAG or was not an Unnumbered A or AO zone, we cannot use that EC and the insured would have to:

• Purchase an EC which will have all required sections completed• Complete an EC using section E (no matter the flood zone)

**ECs may still be required to comply with local floodplain management regulations.**


Rating Variables

Basement/Enclosure/Crawlspace

Number of floors no longer includes any

basements, enclosures or crawlspaces.

Unit OwnerIn addition to the

number of floors in the structure, for a

unit ownerindicate the floor the unit is on.


Rating Variables

Prior Claims will be used in determining rating

• Losses will be tracked on a rolling 20-year period.

• Prior claims history will not be included in the initial calculation when the policy transitions to Risk Rate 2.0.

• The first loss after the conversion to Risk Rating 2.0 will trigger a loss review.

• The prior claims variable will be applied at renewal of the policy, after the first loss under Risk Rating 2.0 triggers a loss review.


Rating Variables

Severe Repetitive Loss (SRL)When FEMA designates a property as a Severe Repetitive Loss prior to any claims being paid under Risk Rating 2.0:

• A SRL Rating Factor will be applied

• The first flood claim processed after the policy rating is changed to Risk Rating 2.0, will trigger a change.

• The factor applied changes from the SRL Factor to the Prior Claims factor.

• Instead of SRL, the policy will be full risk rated with the Prior Claims factor.

Excluded Losses• Claims payments that are equal to or less than the deductible amount

• Increased Cost of Compliance claim payments

• Claims closed without payment


Rating Variables

Examples


Rating Variables*Return to Table of Contents

BROADER RANGE OF FLOOD FREQUENCIES

Flood Frequency

Rating will include consideration of flooding sources other than those listed on the FIRM.

Examples:

• Catastrophe modeling

• Urban Flooding

FEMA has collaborated with companies to incorporate catastrophe modeling to identify and determine flood risks pricing in an improved way.


FEES & SURCHARGES

Fees and Surcharges that will apply to Risk Rating 2.0 policies

• Reserve Fund Assessment

• HFIAA Surcharge

• Federal Policy Fee

• Probation Surcharge (if applicable)


DISCOUNTS*Return to Table of Contents

DISCOUNTS

Glidepath

Going forward, policies such as PRP, PRP Newly Mapped, those that are grandfathered, etc... whose premium will go up under Risk Rating 2.0 will have that increase phased in through a glidepath.

Glidepath is the approach FEMA is taking which applies a discount that keeps the increase under the yearly statutory cap. The discount adjusts each year and increases their rates until they're "Fully Risk Rated".

If a policy is eligible for more than one statutory discount, it may only have one applied. The one that is most beneficial will be used.


DISCOUNTS

Pre-FIRM Discount

If a building that is considered Pre-FIRM receives their discount, the discount will phase out by means of annual increases through Glidepath until the policy meets its full-risk rates.

Under Risk Rating 2.0, the only new business policies that are eligible for the Pre-FIRM subsidy rate are "Primary Residences" (except for SRL). There is no subsidy for secondary home, Other Residential, Non-Residential, or RCBAP.

* Substantial ImprovementsIf a building which would have qualified as a pre-firm is substantially improved, it is no longer considered Pre-FIRM and is no longer eligible to receive any form of Pre-FIRM discounts.

If it was substantially improved after acquiring their policy, the policy must be endorsed to include the new information. Due to the change, glidepath will be implemented here to phase out their discounts more quickly and have them meet their full-risk rate.


DISCOUNTS

Newly Mapped

Newly Mapped policies will also get phased out through Glidepath annually as well until they reach their full-risk rate.

If the new rates are more beneficial, the policy will proceed with the Risk Rating 2.0 rating.

Lapse in Coverage

If a policy lapses in coverage, the policyholder will lose the discount immediately and be rated using the full risk rates.


DISCOUNTS

Community Rating System Discount

Communities that qualify for the CRS discount will receive their discount regardless of their structure’s location regarding SFHA's and Non-SFHA’s.

Structures which are in violation of regulations set forth by the NFIP will be the exception.

The discount will be based on their community Classification number as illustrated on the graph below.


DISCOUNTS

Some example comparisons

Community Rating System Changes

If any community goes through a change in their class or a policy's eligibility for a CRS discount mid-term, the changes will take place at the beginning of their upcoming term.


DISCOUNTS

Machinery and EquipmentThe Machinery and Equipment discount is applicable to certain items which service the building regardless of them being inside or outside the building.

Eligible M&E will be listed in the Flood Insurance Manual. EligibilityThe discount for M&E will apply to policies in which eligible M&E is located above the first floor of their structure.

There will be "Yes or No" questions on the New Business Application where the agent must certify the location of the M&E.

A couple of examples are:

• Slab on Grade• One floor: M&E must be elevated at least to the height of the attic• Two or more floors: M&E must be elevated to at least the height of the second floor

• Basement• M&E must be elevated to at least the height of the floor above the basement.


DISCOUNTS

Proper Flood Openings

Flood Vents allow for mitigation of foundation damage to the building.

• As long as the requirements for venting are met, buildings in any flood zone will be provided with the discount by FEMA.

• The application will still need to have the proper information venting information submitted on it to receive the discount.

• The agent must certify the information.

• At least 2 vents on at least 2 walls with square inches equaling the square footage within 12 inches of the ground inside or outside, will continue to be the requirement


DISCOUNTS

Floodproofing

This alternative to elevating a building above the BFE requires a Floodproofing Certificate to factor in mitigation measures when being rated.

Certified Floodproofing may potentially provide the insured with lower premiums.

Benefits of Floodproofing are:

• Sealed building which prevents water from entering.

• Waterproof walls that don't collapse.

• Floors attached to the floodproof walls which resist floating during flooding events.


DISCOUNTS

Grandfathering Rules

• BFEs and Flood Zones will no longer be used as a rating factor. Thereby eliminating any reason for grandfathering.

• Policies that are currently grandfathered are subject to the statutory caps.

• Glidepath will be used to transition them into Full Risk Rating.


RETIRED POLICY TYPES/RATING METHODS

Preferred Risk Policies

• Since rating will no longer be based on zones, it does not make sense to continue the PRP program.

• PRP policies will transition to Risk Rating 2.0 rated Standard policies.

• Premium will be increased through a glidepath.

• If the full risk is more beneficial, then they will immediately transition to the new rate



Newly Mapped Policies

• Since rating will no longer be based on zones, it does not make sense to continue the NM Policy.

• However, remapping will still affect mandatory purchase and reflect a higher risk.

• So, while FEMA is retiring this policy type; they are adding a Newly Mapped Discount. It will be applied to Risk Rating 2.0 Standard policies when applicable.

• A glidepath will be used to transition the policy to full risk rating.

• If the full risk is more beneficial, then they will immediately transition to the new rate

• Insured will lose discount if they allow the policy to lapse.



• The Mortgagee Portfolio Program with mandatory purchase is not going away.

• MPPP policies are going away.

• Per FEMA, their book of business only has 100 MPPP policies left.

• The mortgagee will purchase standard policies to meet compliance.

• Zones will still be used by lenders to determine insurance requirements.

• Since Elevation Certificates will not be mandatory, standard policies can be written. Assumptions can be used when needed.

Mortgagee Portfolio Program Policies


• SFR policies are no longer needed because the algorithms in the Risk Rating 2.0 engine will allow them to determine the full risk for every building.

• If there is a special situation that needs to be submitted to FEMA to request an exception, for any reason, the process is to issue the policy with full risk rating. Then submit it to FEMA. If they qualify, a discount will be added.

Submit-For-Rate

RETIRED POLICY TYPES/RATING METHODS*Return to Table of Contents

DEDUCTIBLE RULES

Minimum deductible rules are changing.

• Zones will no longer be part of determining minimum deductibles• Occupancy type, Building Coverage level and PreFIRM Statutory discount will be

factors in minimum deductibles• Contents Only Coverage has its own minimums for 1-4 Family

Compare the following charts below.

Deductible Rules

Legacy 1.0


DEDUCTIBLE RULES

Risk Rating 2.0


CANCELLATIONS*Return to Table of Contents

CANCELLATIONS

Changes

• Some cancellation reasons will not longer be relevant under Risk Rating 2.0.

• Some new cancellation reasons are needed.

• FEMA took this opportunity to reorganize the cancellation reason into a simple and intuitive grouping.

• Some Reasons remained, some were split, some were combined, some were deleted, and some are brand new.

• Be sure to review all the rules. Pay close attention to existing rules and look for any subtle differences.

• These new rules only apply to policies rated under Risk Rating 2.0.


CANCELLATIONS

No Insurable InterestReason Codes:

1 -Building sold, removed, OR destroyed2 - Contents sold, removed, or destroyed7 - Property closing did not occur

Establish Common Effective DateReason Codes:

3 - Cancel/rewrite to establish common date

Duplicate CoverageReason Codes:

4 - Duplicate NFIP policies10 - Condominium unit converting to RCBAP26 - Duplicate policy from source other than NFIP


Not Eligible For CoverageReason Codes:

6 – Property not eligible at time of application27 – Property becomes ineligible during term 229 – Building physically altered and no longer eligible

Lender No Longer RequiresReason Codes:

28 – Insurance No Longer Required by Lender

Invalid Payment or FraudReason Codes:

5 – Invalid Payment23 – Fraud or Misrepresentation30 – Insufficient Premium to Retain Coverage

CANCELLATIONS*Return to Table of Contents

CANCELLATIONS

Other Reason CodesReason Codes:

13 – Nullification prior to effective date20 – SRL written with incorrect insurer21 - Continuous lake flooding or closed basin lakes22 - Cancel/rewrite due to administrative error25 – Cancel/rewrite Legacy policy to Risk Rating 2.0 (per FEMA Week At-A-Glance 8/2-8/6)


WHAT IS NOT CHANGING*Return to Table of Contents

WHAT IS NOT CHANGING

Mandatory Purchase Requirement

• Flood Insurance will continue to be required for properties in SFHAs in connection with loans.

• Flood Insurance Rate Maps will continue to be required for determining these requirements.

• LOMAs and LOMRs will still be required for mandatory purchase and mitigation

Floodplain Management

• Community compliance will continue to be tracked and measured.

• Mitigation will continue be a key initiative under Risk Rating 2.0

• LOMAs and LOMRs will continue to be required.

• Flood insurance Rate Maps will continue to be relevant.



Statutory Caps on Annual Individual Rate Increases• Statutory Caps cannot be changed other then by Congress.

• Due to there statutory caps, most premium rates are restricted to an 18% increase per year.

Amount of Building and Contents Coverage• The maximum and minimum coverage limits for building and contents remains the same.



Underwriting Forms• These forms will continue to be used in the same way. But will be updated under Risk Rating 2.0

• Application

• General Change Endorsement From

• Cancellation Form

• These forms will not be changing:

• Dwelling Form

• General Property Form

• RCBAP Form



Assignment Of A Policy To A New Building Owner

• Policies can be assigned to a new building owner.

• Under Risk Rating 2.0, as long as there is no lapse in coverage, they are able to transfer the glidepath to the new building owner.

Endorsement Rules

• Premium changes are submitted to the Risk Rating 2.0 engine for a quote. There is some direction given on this process that should be reviewed in the Flood Insurance Manual.

**See Effective Date Rules on next slide**


Effective Date Rules•There was one important adjustment that applies to RR 2.0 policies only:

• Loan Closing• Paid by the insured or other (not part of closing funds)• Payment/Application is received by WYO more than 10 days (closing date plus 9) after

closing,• Policy will be effective 30 days from receipt date.

RR 2.0June 2021 FIM draft Page 2-18

LegacyApril 2021 FIM draft Page 2-13

*Return to Table of Contents EFFECTIVE DATE RULE CHANGE

WHEN WILL THIS BE HAPPENING?*Return to Table of Contents

WHEN WILL THIS BE HAPPENING?

Phase I

• New policies will be written with the Risk Rate 2.0 methodology beginning October 1, 2021.

• Renewal policies effective between 10/1/21 and 3/31/22 will be able move to Risk Rate 2.0 methodology, if it is more beneficial, beginning October 1, 2021.

Phase II• All remaining Renewal policies renewing on or after April 1, 2022, will

be moved to the Risk Rate 2.0 methodology as they renew.


WHEN WILL THIS BE HAPPENING?

Quoting 10/1/21 or After• Quotes for new business dated on or after October 1, 2021, must be quoted under the Risk Rate 2.0

methodology

• When can quoting starto FEMA is opening up their system for quoting starting 8/16/21o However, quite a bit of work still remains to be done on our systems to be ready. o We anticipate our systems to be ready 9/1/21 or later

• Starting on 8/6 anyone logging into FloodPro and trying to quote a new business or renewal effective 10/1/21 or after will get a message that the rates are unavailable.

Assurant employees will also be unable to quote Quotes will need to wait for rates to be available in the system 9/1/21

• As you can imagine, there are significant changes coming to the program and while FEMA’s intention is for quoting to be ready on 8/16/21, we anticipate it will be 9/1/21 or later as quite a bit of work still remains between FEMA, and industry. We anticipate further updates regarding RR 2.0, including changes to our rating & policy system, as well as Assurant led agent training late summer/early fall. As a valued agency partner, we will keep you updated as these changes rollout.


LASTLY

Changes & Clarifications

This document is based on the most current draft of the Flood Insurance Manual (FIM) that will be effective 10/1/21.

• There may be additional changes and clarifications prior to the final release.

• There may be some changes that were not specifically part of Risk Rating 2.0.

• It is each person’s responsibility to review and understand the final FIM when it is released.

• Watch for bulletins from FEMA that may contain updates.

• Please know that we are here if you have questions.


Resources

Resources

Risk Rating 2.0: Equity in Action Website•Risk Rating 2.0

WYO Bulletin•W-21003 - New Pricing Methodology

Equity in Action Fact Sheet•Equity In Action



https://nfipservices.floodsmart.gov/sites/default/files/w-21003.pdf

https://www.fema.gov/sites/default/files/documents/fema_rr-2.0-equity-action_0.pdf

Risk Rating 2

Documents

Transcript of Risk Rating 2