Earlier this week, FEMA announced that the National Flood Insurance Program (NFIP) will be hosting a number of Risk Rating 2.0 – Equity in Action webinars designed specifically for insurance agents. The webinars will take place throughout June and July.
Risk Rating 2.0 is FEMA's new pricing methodology for the NFIP. It is currently scheduled to be implemented starting on Oct. 1 for new policies and for those seeking to renew policies that will see lower rates under Risk Rating 2.0. It will be implemented for all other renewals starting in April 2022.
Information about dates, times and how to register for the webinars is listed in this FEMA bulletin. The bulletin also includes important information about continuing education (CE) credits, including which states have approved the webinars for CE credits. In addition to the states which have already approved the webinars for CE credits, there are still some pending approvals for CE credits that are outlined within the bulletin.
The Risk Rating 2.0 – Equity in Action webinars are free to attend, but spaces are limited to 1,500 attendees per event so please register early if you are interested. The webinar will bring agents the latest information on how and when Risk Rating 2.0 will be implemented. It will also discuss the following topics:
- What is Risk Rating 2.0 – Equity in Action?
- What led to this NFIP transformation?
- The NFIP today: What is changing?
- What is not changing?
- How will current policies transition?
The Big “I" believes that Risk Rating 2.0, if properly implemented, has the potential to improve the NFIP experience for agents and consumers, but the rollout of the program will be critical in determining the success of the effort. As FEMA continues to provide more information regarding Risk Rating 2.0, we will continue to provide members with updates in the weekly News & Views e-newsletter.
