News Flash Home
The original item was published from 11/8/2019 4:24:28 PM to 11/9/2020 12:00:02 AM.

News Flash

Home

Posted on: November 8, 2019

[ARCHIVED] FEMA to Delay New Flood Insurance Rates

On Thursday, the Federal Emergency Management Agency (FEMA) announced that it would delay the implementation of new National Flood Insurance Program (NFIP) rates, which had been scheduled to become effective October 1, 2020 - just before next year’s general elections. Instead, the new rates are now set to take effect on October 1, 2021.

The new rates will be calculated based on FEMA’s Risk Rating 2.0 initiative, which is intended to modernize the system by which the NFIP assesses risks and sets rates for millions of flood insurance policyholders across the country. Risk Rating 2.0 is meant to provide a more accurate picture of exposures facing individual properties. It will, most likely, lead to higher flood insurance rates for some homeowners and lower rates for others.

Legislation pending in Congress, sponsored by New Jersey Congressman Frank Pallone and our U.S. Senator Bob Menendez, would cap any rate increase to less than 10 percent.

The NFIP has, for over a year now, been kept alive by a series of temporary reauthorizations. The latest installment is set to expire on November 21, 2019 – the same date on which the Continuing Resolution, currently keeping the Federal government in operation, is set to expire. Absent action on the NFIP, current coverage would remain in place, but no new policies could be written.

We will continue to follow developments and strive to keep you posted.

Contact: Jon Moran, Senior Legislative Analyst, jmoran@njlm.org, 609-695-3481 x121.


Facebook Twitter Email

Other News in Home

FY2023 Federal Omnibus Budget Passed

Posted on: January 9, 2023

SHBP Update: No Relief In New Year

Posted on: December 30, 2022

Federal Budget Update

Posted on: December 23, 2022

LEAP Grants Now Available

Posted on: December 23, 2022

Federal Budget Update

Posted on: December 19, 2022

State Health Benefits Update

Posted on: December 5, 2022

Revised Model Procurement Forms

Posted on: December 5, 2022

SHBP Rate Increase Adopted

Posted on: September 27, 2022

Blog Post: Available Federal Grants

Posted on: September 27, 2022

President Signs CHIPS and Science Act

Posted on: August 12, 2022

Ground Broken on Portal North Bridge

Posted on: August 8, 2022

Energy Tax Receipt Funding Update

Posted on: June 29, 2022

FY2023 Budget Update

Posted on: June 29, 2022

Second Tranche of ARP SLRF Expected

Posted on: June 13, 2022

988 Suicide & Crisi Lifeline

Posted on: May 27, 2022

ARP & BIL Presentation

Posted on: May 13, 2022

FY 2023 Budget Hearings Continue

Posted on: April 22, 2022

Scam Targeting ARPA SLFRF NEUs

Posted on: April 13, 2022

Cybersecurity Update

Posted on: March 22, 2022

Week of March 8: COVID Update

Posted on: March 15, 2021

Legislative Preview: Week of March 8

Posted on: March 9, 2021

FY 2021 State Budget-Municipal Interest

Posted on: February 24, 2021