With six consecutive above-normal storm seasons behind us, it would only be wise to prepare for the worst in 2022. Agents who understand how to best serve their clients' needs with flood insurance options from both the NFIP and the private flood insurance market will come out on top. Credit: Robert Kneschke/Shutterstock.com Flood Insurance: A Look Back at 2021 and a Look Ahead to 2022 & Beyond
A look at flood devastation and attempts to repair a broken federal flood insurance system.
December 20, 2021 at 04:46 PM
7 minute read
Insurance
The original version of this story was published on Law.com
COVID-19 may have carried most of the headlines again in 2021 but flooding across America and issues related to flood insurance continued to make the news as well. While Hurricane Ida worked its way from the Gulf to the Northeastern seaboard in late August, Federal Emergency Management Administration (FEMA) was rushing to implement the National Flood Insurance Program's (NFIP) Risk Rating 2.0 for an October 1st start date.
With climate change and the peril of flood growing in importance and the NFIP's revised rating system now in place, what can agents and brokers expect in 2022 and beyond? More flooding and continuing unintended consequences flowing from an ill-conceived implementation of Risk Rating 2.0 by the NFIP.
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