The federal government says it has a new way to calculate flood insurance, and you should be able to find out how much you will pay.
Last week, the Federal Emergency Management Agency, after years of behind-the-scenes negotiations, announced a phased-in start for new flood insurance rates. They are calling it Risk Rating 2.0, Equity in Action. It was supposed to take effect last year, but got postponed to this year, and existing policies are postponed until April 2022.
“This new rating system is fiscally sound, fixes longstanding inequities in flood insurance pricing, and improves resilience to climate change,” the