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Understanding Risk Rating 2.0 Webinar
May 16 |9:00 am - 10:00 am CDTFree
Since the 1960s, the National Flood Insurance Program (NFIP) has played an important role in shaping, and protecting, communities across the country. In 2021-22, the NFIP underwent its greatest change ever in rate calculation, with Risk Rating 2.0 – raising prices for 77% of policyholders. FEMA, the program’s administrator, has implemented the Risk Rating 2.0 methodology under their authority, without Congressional action, and in the face of continued concerns by program policyholders, stakeholders, and Congressional leaders alike.
In the past year, NFIP participation has fallen by over 3.5%, increasing risk exposure nationally; FEMA’s internal studies have predicted that 20% of policyholders may eventually drop coverage. Moreover, NFIP is currently $20.5B of debt and set to expire on September 30, 2023, if Congress does not take action.
Since April 2013, Greater New Orleans, Inc. has led the Coalition for Sustainable Flood Insurance (CSFI). CSFI is a national coalition of approximately 250 organizations across 35 states, formed during the implementation of the Biggert-Waters Act, which previously threatened to change flood insurance rates dramatically. CSFI was a driving force behind the passage of the Homeowner Flood Insurance Affordability Act (HFIAA), compromise legislation gained overwhelming bipartisan and bicameral support. Currently, CSFI is assembled around transparency and affordability issues of Risk Rating 2.0 and enactment of a long-term NFIP reauthorization legislation. CSFI will provide background into Risk Rating 2.0, its impact, and expectations for NFIP in the year ahead.