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FEMA is delaying implementation of  Risk Rating 2.0 for another year, starting October 2021 .

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“This prevents potential increases in flood insurance premiums,” U.S. Sen. Bill Cassidy, R-La., said in a news release. 

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FEMA’s plan aims to bring insurance costs more in line with the actual risk of flooding. Proponents have argued for years that such changes are necessary to both discourage people from living in flood-prone areas and to cut the program’s debt to U.S. taxpayers, estimated at more than $20 billion.

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In the short term, what has changed?  NOTHING. 

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Risk Rating 2.0 will affect the “actuarial rate” of the home. 

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About 1 million pre-firm homes, won’t reach their actuarial rate for several years.  The delayed implementation of  Risk Rating 2.0 won’t affect most of these homes for a few years.  The spreadsheet below labeled ‘Flood Premium Increases’ shows how the phase out of subsidies will affect their premiums.

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In the short term we should be focusing on current NFIP Reauthorization legislation.

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Subsidies are still being phased out, and premiums will continue to rise;

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Primary Homes – up to 18% yearly increases until the home reaches it’s actuarial rate.

Second Homes – up to 25% yearly increases until the home reaches it’s actuarial rate.

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Our immediate short term goal should be to contact our Congressmen and Senators and have them vote for the NFIP RE Flood Insurance Bill that will cap premium increases to 9%.  

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There is another bill that will continue the 18%-25% increases, the Maxine Waters bill, which is being fast tracked through the House of Representatives.  

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You can cut and paste the your congressman and senators information here.  http://www.stopfemanow.com/these-senators-and-congressman-are-voting-for-25-flood-premium-increases-call-email-and-tweet-them/

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