Federal Emergency Management Agency (FEMA) Independent insurance agents deeply focused on the National Flood Insurance Program (NFIP) may already know that, on October 1, the most recently published version of the Flood Insurance Manual took effect. FEMA also recently solicited feedback on the use of Elevation Certificates and Floodproofing Certificates by communities participating in the …
Tag: Federal Emergency Management Agency (FEMA)
FEMA Stokes Agent Concern Over Online NFIP Sales Proposal
Recently, the procurement office of the Federal Emergency Management Agency (FEMA) quietly issued a request for information (RFI) regarding a proposal to offer consumers the option of purchasing a National Flood Insurance Program (NFIP) policy online. The RFI provides some background on the history of the NFIP and its recent implementation of its Risk Rating …
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PIA Testifies at House NFIP Hearing
PIA National Secretary Ariel Rivera testifying before the House Financial Services Committee The House Financial Services Committee’s Subcommittee on Housing, Community Development and Insurance held a hearing earlier today entitled, “Reauthorization and Reform of the National Flood Insurance Program.” Testifying on behalf of PIA was Ariel Rivera, Secretary of PIA and founder and agency principal …
Risk Rating 2.0: Frequently Asked Questions (last updated 12/22/21)
When Risk Rating 2.0 (RR 2.0) went into effect for new (and some renewing) NFIP policies, we created this series of Frequently Asked Questions (and answers!) that we hope will help to inform and guide your decision making as you familiarize yourself with RR 2.0. Please note: The information contained herein is current as of the …
Continue reading Risk Rating 2.0: Frequently Asked Questions (last updated 12/22/21)
The Risk Rating 2.0 Flood Insurance Manual Has Arrived
As anticipated, the Risk Rating 2.0 Flood Insurance Manual (FIM) was released on Sept. 1. An update to the existing FIM was released at the same time, as was a final version of the Industry Transition Memo (ITM). Here is what you need to know about each. Industry Transition Memo The ITM, linked above, explains …
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Risk Rating 2.0 Implementation Proceeding in Fits and Starts
Frequent visitors to the blog will remember our numerous posts covering the forthcoming changes to the way flood insurance rates are calculated for policies issued through the National Flood Insurance Program (NFIP). PIA strongly supports Risk Rating 2.0 (RR 2.0) because it will help the NFIP move more quickly to the use of actuarially sound …
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FEMA Announces Eleventh-Hour Delay of Risk Rating 2.0 Rating Engine
As we noted earlier this week, the rating engine that will provide the new Risk Rating 2.0 rates was scheduled to become available to participating carriers, known as Write-Your-Owns (WYOs) on August 1. However, today (July 30), FEMA notified WYOs that the rating engine site will be made available on August 1 as planned, but …
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NFIP’s Risk Rating 2.0 Engine Will Go Live on August 1
The National Flood Insurance Program (NFIP), which is administered by the Federal Emergency Management Agency (FEMA), is the primary source for flood insurance in the United States. Over the past few years, FEMA has been preparing to update the NFIP’s risk rating process using a methodology known as Risk Rating 2.0 (RR 2.0). Risk Rating 2.0 will …
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Helping PIA Members Decode Risk Rating 2.0
If you’ve been following the blog for a while, you know that the National Flood Insurance Program (NFIP), the primary source for flood insurance in the United States, is scheduled to debut its new pricing methodology, known as Risk Rating 2.0, later this year. Risk Rating 2.0 will assign a level of risk to each …
FEMA Makes Available More Agent Training Sessions on Risk Rating 2.0
The National Flood Insurance Program (NFIP), which is administered by the Federal Emergency Management Agency (FEMA), is the primary source for flood insurance in the United States. Over the past few years, FEMA has been updating the NFIP’s risk rating process using a new methodology known as Risk Rating 2.0 (RR 2.0). It is scheduled …
Continue reading FEMA Makes Available More Agent Training Sessions on Risk Rating 2.0
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