Video: Learn How Risk Rating 2.0 Has Changed Your Flood Insurance Declarations Page
FEMA’s much-publicized Risk Rating 2.0 rating methodology for the National Flood Insurance Program is here. With the rollout of this new program, there will be changes to your Wright Flood Insurance declarations page that you should be aware of.
The new methodology enables FEMA to deliver rates that are actuarily sound, equitable, easier to understand and better reflect a property’s flood risk. FEMA looks at the home’s replacement cost, what the underlying risk is (coastal flooding, river, rainfall, etc.), its proximity to the possible flooding source and property characteristics such as elevation in determining rates.
A few of the changes to the page include the rate category field, the building and property descriptions, the first-floor height and how it was determined, date of construction, previous NFIP claims and details about discounts.
In this video, check out what your new declarations page will look like: