Property owners in Currituck County should be aware that the Federal Emergency Management Agency (FEMA) is updating the National Flood Insurance Program’s (NFIP) risk ratings through the implementation of a new pricing methodology called Risk Rating 2.0.
FEMA now examines more flood risk variables for properties. These include flood frequency, multiple flood types such as river overflow, storm surge, coastal erosion and heavy rainfall, along with property characteristics such as elevation and the cost to rebuild. FEMA attempts to equitably distribute premiums across all policyholders based on home value and a property’s unique flood risk.
- Beginning October 1, 2021, new policies within the National Flood Insurance Program are subject to the new rates.
- Effective April 1, 2022, all NFIP policies will be subject to the new rating methodology.
Current National Flood Insurance Program policyholders can contact their insurance company or insurance agent to learn more about how the Risk Rating 2.0 may affect them. FEMA’s Risk Rating website also offers an interactive map and state profiles of projected impacts.
Currituck County’s Development Services Department can help provide flood insurance information for local property owners. Contact the county staff at 252-232-3055 to learn more about impacts of Risk Rating 2.0 and how to participate in the National Flood Insurance Program.