As FEMA’s new flood risk pricing methodology marks the biggest change in calculations since 1968, it’s expected to bring price hikes and disruption. Here’s what the shift might mean for real estate clients.
Risk Rating 2.0, which took effect Oct. 1, means FEMA won’t use flood zones to calculate flood insurance rates and will instead look at a property individually to determine its risk. Factors such as the distance to water, elevation, foundation type, structure replacement cost and how many and what types of floods affect a property.
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