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The original item was published from 4/1/2022 9:35:00 AM to 5/23/2022 12:30:24 PM.

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Posted on: April 1, 2022

[ARCHIVED] FEMA Updates Flood Insurance Rating Methodology for Pricing Equity

York County Flooding

FEMA has updated the National Flood Insurance Program's (NFIP) risk rating methodology through the implementation of a new pricing methodology called Risk Rating 2.0. The methodology leverages industry best practices and cutting-edge technology to enable FEMA to deliver rates that are actuarily sound, equitable, easier to understand and better reflect a property’s flood risk. 

FEMA requires some York County homeowners to carry flood insurance.  Floods can happen anywhere, and coastal communities such as York County are particularly vulnerable to the damage caused by flooding.  This map displays the areas in the County where FEMA requires homeowners to have flood insurance.  

Current National Flood Insurance Program policyholders can contact their insurance company or insurance agent to learn more about what Risk Rating 2.0-Equity in Action means to them. 

  • In Phase I: New policies beginning Oct. 1, 2021 will be subject to the new rating methodology. Also beginning Oct. 1, existing policyholders eligible for renewal will be able to take advantage of immediate decreases in their premiums
  • In Phase II: All remaining policies renewing on or after April 1, 2022 will be subject to the new rating methodology. 

Please visit FEMA's website for more information, or read the Press Release.

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