Blog Feature - Risk Rating 2.0 is Here (1)

Risk Rating 2.0 is Here, Now Learn What You Need to Know

The much-publicized Risk Rating 2.0 rollout is moving forward, and Wright Flood is here to provide a fast, easy, and accurate way to quote your property under FEMA’s new methodology.

Wright Flood can quote new business policies with effective dates of October 1, 2021, and later under the new methodology. Policyholders can also get renewal quotes for policies scheduled to expire between October 1, 2021 and March 31, 2022, with the ability to receive the lowest premium available in a comparison between the current and new methodologies.

“No question that this is the most substantive change to the program going back to 1968,” said FEMA’s David Maurstad.

Phase II of the Risk Rating 2.0 will roll out later and cover policies renewing on or after April 1, 2022.

According to FEMA, the new pricing methodology more accurately reflects flood risk by considering a broader range of variables than the NFIP’s legacy pricing methodology. Since the 1970s, NFIP rates have been predominantly based on a property’s elevation and flood zone on a Flood Insurance Rate Map (FIRM). The legacy pricing methodology relied on a relatively static view of flood hazards without taking into consideration other flooding sources or structural characteristics and it has resulted in properties with misidentified risks and an inequitable flood insurance program.

With the new pricing methodology, FEMA leverages innovative technology and industry best practices to incorporate more flood risk variables such as flood frequency, multiple flood types (including river overflow, storm surge, coastal erosion, heavy rainfall, etc.), distance to a water source, elevation, and the cost to rebuild.

Here’s a comparison of the previous, or legacy rating, to the new Risk Rating 2.0 methodology:

If you need to file a claim, please visit to open your claim online, text the word CLAIM to 727-777-7066 to report your claim or call 1-800-725-9472 to start the process.

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