1:00 - 2:00 PM ET
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Please note the new date and time of Tuesday, October 26 at 1pm for this webinar.
This webinar is open to NMHC and NAA Members only.
The National Flood Insurance Program (NFIP) provides coverage to property owners, renters, and businesses to mitigate the socio-economic impact of floods. Many apartment firms secure some or all of their required flood insurance coverage through the NFIP so the long-term financial viability of the program is of paramount importance to the apartment industry. FEMA is updating the NFIP risk rating methodology through the implementation of a new pricing methodology called Risk Rating 2.0 – Equity in Action, with the express purpose of delivering more equitable pricing and reduce suffering after flood disasters.
NMHC and NAA have partnered to host a policy briefing for members to learn first-hand from agency representatives about the rationale for the update as well as the process and tools used to modernize the rating system. FEMA representatives will also provide an overview of the phased approach to rolling out the new rates, set to take effect on October 1, 2021, for any new NFIP policy issued and for those renewing on or after April 1, 2022.
To date, information about the Risk Rating 2.0 impact on owners and operators of multifamily and commercial properties has been blurred with single-family data. In this presentation, FEMA will inform apartment leaders with the updated data they need to assess and prepare for the impact of the new rating structure of the NFIP on the multifamily and commercial real estate sectors.
Join this webinar to learn more about:
- How Risk Rating 2.0 enables FEMA to set rates that are fairer and ensures rate increases and decreases are both equitable.
- What the rating methodology will mean to multifamily and commercial policyholders and the industry overall.
- What’s not changing under Risk Rating 2.0