Join us for this joint webinar with Cape May County and Greater Atlantic City Chambers of Commerce on Monday, February 28 at 4pm with Joseph Baiuca, Legislative Aide from Senator Menendez’ office. There is no fee to register. RSVP to Kate@sochamber.com
Congress reauthorized the National Flood Insurance Program (NFIP) through February 18, 2022. Since 2017, there have been 18 temporary reauthorizations as more comprehensive and permanent legislative solutions to the program have failed to gain traction in Congress. A significant part of FEMA’s newly authorized NFIP is Risk Rating 2.0, which will fundamentally change the way FEMA prices insurance and determines an individual property’s flood risk. With the implementation of Risk Rating 2.0, FEMA delivers rates that more accurately reflect flood risk. However, for many policyholders FEMA flood insurance premiums can expect to increase as much as 18% per year.
In our area approximately eighty percent (80%) of policy holders will see an increase of $1 to $20 per month on their premiums. These increases continue until the policyholders premium cap is met as determined by Risk Rating 2.0. In November 2021, the National Flood Insurance Program Reauthorization and Reform Act of 2021 (NFIP Reauthorization and Reform Act) was introduced to the House and Senate as H.R. 5802 and S. 3128 respectively. The nearly identical bills were introduced by Rep. Frank Pallone Jr. and Sen. Robert Menendez, both of New Jersey. The NFIP Reauthorization and Reform Act specifically addresses concerns relating to Risk Rating 2.0 and the rate increases policyholders should expect to see each year. These respective House and Senate Bills propose to reduce the annual premium rate increase cap to 9% per year. This webinar will discuss the newly authorized Risk Rating 2.0 system and details of the proposed federal legislation and the potential impact to our coastal communities.