{"id":7073360,"date":"2026-10-02T20:59:21","date_gmt":"2026-10-02T20:59:21","guid":{"rendered":"https:\/\/fivemor.com\/?p=7073360"},"modified":"2026-10-02T20:59:21","modified_gmt":"2026-10-02T20:59:21","slug":"flood-policy-changes-that-will-impact-the-affordable-housing-industry","status":"publish","type":"post","link":"https:\/\/fivemor.com\/?p=7073360","title":{"rendered":"Flood Policy Changes That Will Impact the Affordable Housing Industry"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<p>FEMA has introduced the largest reform to the National Flood Insurance Program (NFIP) rating system since its inception in 1968. The NFIP program premium will now be determined by the risk assessment at individual property levels versus the current more standardized, one-size-fits-all approach.<span id=\"more-10155\"><\/span><\/p>\n<h4>Factors that Determine the Updated Insurance Premium<\/h4>\n<p>Factors that will determine the updated insurance premium are:<\/p>\n<ul>\n<li>Property\u2019s elevations within a flood zone<\/li>\n<li>Foundation type<\/li>\n<li>Height of the lowest floor of the structure in relation to the base flood elevation<\/li>\n<li>Property\u2019s distance from sources of flooding (rivers or coastal areas)<\/li>\n<li>Types of flooding that could impact property (flash flooding and riverine)<\/li>\n<li>Replacement cost value of structures<\/li>\n<\/ul>\n<p><strong>Limits on annual rate increases <\/strong>is another factor carrying over from the legacy rating system. Most properties\u2019 first year increases will be capped at an annual rate of 18%. For existing policy holders, an estimated 77% can expect increases in their premiums while the remaining 23% will see a reduction or no change at all to their premiums. The new rate schedule took effect October 1, 2021 for any new policy holders and will take effect April 1, 2022 for renewals of existing policies.<\/p>\n<h4>How to Mitigate Costs<\/h4>\n<ul>\n<li>Before renewal, prepare for the new flood rating system by talking with your flood expert about your current policy and have them check for solutions that could mitigate costs.<\/li>\n<\/ul>\n<p>For more information, view our recent webinar on this topic <a href=\"https:\/\/scottins.zoom.us\/rec\/share\/DWl5btiyFizAHWW9cNFHY2tT7cWlJTRnuEpGEnLcB47qaEVjkyE5JX_DoIOb5TCc.IrhU6DRI4Lfs1pmx?startTime=1648043975000\">Here<\/a><\/p>\n<p>Scott Insurance is proud to present this information in partnership with <a href=\"https:\/\/nationalfloodexperts.com\/\">National Flood Experts<\/a>.<\/p>\n<p>The post <a rel=\"nofollow\" href=\"https:\/\/www.scottins.com\/blog\/flood-policy-changes-that-will-impact-the-affordable-housing-industry\/\">Flood Policy Changes That Will Impact the Affordable Housing Industry<\/a> appeared first on <a rel=\"nofollow\" href=\"https:\/\/www.scottins.com\">Scott Insurance<\/a>.<\/p>\n\n","protected":false},"excerpt":{"rendered":"<p>FEMA has introduced the largest reform to the National Flood Insurance Program (NFIP) rating system since its inception in 1968. The NFIP program premium will now be determined by the risk assessment at individual property levels versus the current more standardized, one-size-fits-all approach. Factors that Determine the Updated Insurance Premium Factors that will determine the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[94],"tags":[15103,21480,13350,4197,11315,11572],"dealstore":[],"offerexpiration":[],"class_list":["post-7073360","post","type-post","status-publish","format-standard","hentry","category-insurance","tag-affordable","tag-flood","tag-housing","tag-impact","tag-industry","tag-policy"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Flood Policy Changes That Will Impact the Affordable Housing Industry - Som2ny Network<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fivemor.com\/?p=7073360\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Flood Policy Changes That Will Impact the Affordable Housing Industry - Som2ny Network\" \/>\n<meta property=\"og:description\" content=\"FEMA has introduced the largest reform to the National Flood Insurance Program (NFIP) rating system since its inception in 1968. 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