NAR, working with the members of the Insurance Committee, has compiled a comprehensive member information packet on NFIP’s new pricing system, Risk Rating 2.0. The new system began its rollout on October 1st for new NFIP policies and April 1, 2022 for renewal policies. The packet includes a new FEMA-NAR flyer for members to provide to clients, as well as FAQs, Myth Buster, NAR Legal Guidance and the Townhall recording with FEMA. Here is the link: www.nar.realtor/national-flood-insurance-program/…
Also, just an FYI that the Insurance Committee continues to work with FEMA, and FEMA has committed to making adjustments and resolving issues promptly. For example, FEMA already has instituted a new one- to two-week formal review process for any rate quote concerns. NFIPUnderwritingMailbox@fema.dhs.gov If members submit information to FEMA please copy email@example.com to monitor for followup.
Susan S. Gaston
VPAR Chief Advocacy Officer