PIA Supports Flood Bills Encouraging Development of Private Market

On September 30, the National Flood Insurance Program (NFIP)’s authority to operate was extended until December 3, 2021. This is the 17th short term extension of the NFIP since its last five-year reauthorization expired in 2017. PIA supports a long-term reauthorization of the NFIP that recognizes the key role independent agents play in delivering the …

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Risk Rating 2.0: Frequently Asked Questions

As agents, carriers, and policyholders around the country enter the new world of Risk Rating 2.0 (RR 2.0), we have created an ongoing 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 …

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House Passes NFIP Extension and Funding Bill

This afternoon, the House passed an amended version of H.R. 5305, the continuing resolution (CR) that will fund the federal government until December 3, 2021, by a vote of 254 to 175. Importantly for PIA members, this CR includes an extension of the National Flood Insurance Program (NFIP) until December 3. The Senate passed the …

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Senate Passes Amended Funding Bill with NFIP Extension

Today the Senate passed an amended version of H.R. 5305, the continuing resolution (CR) that will fund the federal government until December 3, 2021, by a vote of 65 to 35. Importantly for PIA members, the CR includes an extension of the National Flood Insurance Program (NFIP) until December 3 as well. An earlier version …

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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: Into the Weeds

We know many National Flood Insurance Program (NFIP) agents have concerns about shepherding their clients through the transition to Risk Rating 2.0 (RR 2.0). As part of our effort to disseminate information about RR 2.0 to our agents, PIA will be using this space to share information about RR 2.0 and upcoming trainings provided by …

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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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NFIP Continuous Coverage Bill Introduced

On July 27, Reps. Kathy Castor (D-FL), and Blaine Luetkemeyer (R-MO) reintroduced H.R. 4699, the Continuous Coverage for Flood Insurance Act. The bill would provide continuous coverage protection to policyholders who leave the National Flood Insurance Program (NFIP) to purchase a private flood policy and then need to return to the NFIP. This bill would …

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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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