13
Nov
FEMA Defers Implementation of New Flood Insurance Risk Rating System
The Federal Emergency Management Agency (FEMA) on November 7 announced it was deferring implementation of its new flood insurance risk rating program by one year until Oct. 1, 2021.
As NAHB Now has previously reported, FEMA, which oversees and implements the National Flood Insurance Program (NFIP), has initiated a long-term effort to transform the program to make it more consumer friendly and better reflect the actual risks properties face.
FEMA said today that it is deferring the implementation of the initiative, commonly referred to as Risk Rating 2.0. The agency had previously announced that new rates for all single-family homes would go into effect nationwide on Oct. 1, 2020.