Even a few inches of water can bring thousands of dollars in repair and restoration costs. Mitigation efforts, such as elevating a building or installing proper flood openings in a crawlspace or garage, can help to reduce flood damage and potentially decrease the cost of flood insurance.įor more information on RR 2.0 please go to įlood Insurance is available in Sarasota County through the National Flood Insurance Program and can help you recover from a disaster.įlood insurance protects you from the financial devastation caused by floods. When property owners take steps to mitigate their property, flood insurance policyholders may receive a reduced premium. The CRS discount will be available for all flood insurance policies in the community provided they meet the minimum requirements. In Phase II: All remaining policies renewing on or after April 1, 2022, will be subject to the new rating methodology.1, existing policyholders eligible for renewal will be able to take advantage of immediate decreases in their premiums. 1, 2021, will be subject to the new rating methodology. In Phase I: New policies beginning Oct.Risk Rating 2.0 will help put the NFIP on solid financial footing by creating a more stable program that is accountable to taxpayers. Taxpayers and policyholders are adversely impacted when the program does not generate the revenue needed to pay claims. Over the last 50 years, FEMA has collected $60 billion in NFIP premiums, but has paid $96 billion in costs (including losses, operating expenses, and interest). The RR2.0 is moving all policies to actuarial rates or true risk rates.
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