On January 18, 2022, FIRM signed on to a letter to FEMA with a group of 44 other concerned business leaders, economic development organizations, governmental entities and consumer groups outlining our concerns about the implementation of Risk Rating 2.0.
“Flood insurance is essential to communities across the country, as 99 percent of U.S. counties have been impacted by a flooding event since 1996. While flooding clearly extends beyond coastal areas, it is worth noting that 51 percent of the country’s jobs are located in coastal counties, and 57 percent of the country’s GDP is generated by our coastal counties, according to Emsi labor market data. These figures point to America’s indispensable ‘working coast’ which powers the nation through energy production, supplies the country’s seafood, and is home to the communities of first responders, health care workers, educators, and others who support these critical industries.”
You can read the full letter here.
Many of you will be receiving renewal notices that will have the application of the new rating methodology to be implement on renewing policies April 1, 2022.