This map and the table below it show how flood insurance rates will change under a new system for determining premiums. The darker areas have higher percentages of homes projected to see premium increases under the National Flood Insurance Program.
The new system, called Risk Rating 2.0, went into effect Oct. 1 for new policies and will begin setting prices for homeowners renewing their coverage after April 1. The goal of the new system is to match a home’s flood risk with its premium, taking into account the cost to rebuild higher-value homes, according to the Federal Emergency Management Agency.
The data are projections from FEMA on how premiums are likely to change based on policyholder information in May 2020. New information provided by homeowners or changes in their coverage or deductible selections could also affect their premiums.
Jonathan LaMantia covers residential real estate and other business news on Long Island. He previously covered the business of health care for Crain's New York Business.
