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Not like the fashionable ranking methodology utilized by non-public market flood insurance coverage firms, FEMA’s ranking system for pricing insurance policies previous to October 1, 2021, used older danger ranking strategies targeted on 100-year flood maps coupled with constructing elevation. By implementing Danger Score 2.0, the NFIP has enriched its knowledge to incorporate third-party sources, added new ranking standards, and leveraged know-how to charge insurance policies based mostly on particular person property dangers. Briefly, due to Danger Score 2.0, NFIP charges will go up for some property homeowners, however down for others. This alteration goals to cost flood danger extra precisely based mostly on trendy ranking methodology and a greater understanding of per-property loss danger.
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