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FEMA’s Risk Rating 2.0 – “Fundamentally changing the way risk and premiums are calculated”

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The NFIP is redesigning its risk rating system to better reflect the property’s unique flood risk, it is called Risk Rating 2.0.

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Risk Rating 2.0 will be implemented on October 2020.

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The flood premium increases from Risk Rating 2.0 will be above and beyond the 18% – 25% compounded yearly increases that are part of Biggert Waters Act.

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Your premium will increase if:

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– Your property is situated near the coast or other flooding source.
– If you live in a higher construction cost state
– If your community/area continues to be overdeveloped without consideration to flooding.

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Ocean County Board of Chosen Freeholders passed a resolution calling on federal leaders to provide affordable Flood Insurance premiums

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If your flood premium is more than $1,500 a year, your flood premium will rise between up to 18-25% compounded annually. Until the home reaches its actuarial rate.

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See additional resolutions from locally elected officials from across the country here http://www.stopfemanow.com/town-resolutions-to-stop-flood-insurance-increases/  

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Your locally elected officials should be doing the same.  

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Feel free to join the conversation at www.facebook.com/groups/stopfemanownjhttps://www.jerseyshoreonline.com/ocean-county/ocean-county-fighting-for-affordable-flood-insurance/?fbclid=IwAR1iMmJ0t1qyyAsFC8E9UZWzAflbJD-L40OU8rl9NZhaZ23Z-kf4NeTiM1Q

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WATCH: How will Flood Insurance Affect the Value of your Home?

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The National Flood Insurance Program is over 20 Billion Dollars in Debt.

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We discuss the proposed legislation that will increase premiums up to 25% every year, until the home reaches its Actuarial Rate.

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Congressman Van Drew’s Deputy Chief of Staff of Operation, Justin Mark O’Leary also discusses what is happening with this legislation currently in congress.

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We discuss things you can do to lower your flood insurance premium.

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We also explain everything about FEMA’s Risk Rating 2.0. FEMA which will fundamentally change the way FEMA rates risk on homes. Homes closer to the risk (water) and homes situated in expensive to build areas will see their premiums increase, even if they are elevated.

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Please share this video with your flood zone neighbors. https://youtu.be/MCbTV6wahOY

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We would like to thank Suzanne Leary Hornick and all the members of Ocean City, NJ Flooding for hosting this meeting and the wonderful staff at the Ocean City Public Library.

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Please join the conversation by joining us here www.facebook.com/groups/stopfemanownj , sign up for our newsletter http://feedburner.google.com/fb/a/mailverify?uri=stopfemanow , join our email list http://www.stopfemanow.com/subscribe-to-our-email-list/ , and follow us on twitter www.twitter.com/stopfemanow .

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UPDATE on Flood Insurance Meeting in Ocean City, Tomorrow, Saturday 8/24/19, at 4pm

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UPDATE: We are pleased to announce Justin Mark O’Leary from Congressman Jeff Van Drew’s office will be attending the meeting tomorrow.

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2 Events this Saturday 8/24 – Houselifting Meeting @ 10 AM and Flood Insurance @ 4 PM.

.Two great events tomorrow, Saturday 8/24/19

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Event # 1 

Lift My Home and RREM Supplemental Funding Seminar is TOMORROW, Saturday 8/24/19 @ 10 am. All are invited, Bring a friend. Coffee, Juice and Bagels will be served. 
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Event # 2

 Do you have FEMA or Flood Insurance Questions? 

Concerned about Flood Insurance Premium increases? 

Come by tomorrow, Saturday 8/24 @ 4pm. All are invited, bring a friend. 

Ocean City Public Library1735 Simpson Ave, Ocean City, New Jersey 08226  

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