Risk Rating 2.0, the National Flood Insurance Program (NFIP) rating system, is scheduled to go into effect on October 1.
This week, a bipartisan group of coastal Senators, including New Jersey’s Senators Bob Menendez and Cory Booker in a letter to FEMA Administrator Deanne Criswell urged a delay in impementing Risk Rating 2.0 because of recent weather events and that the actuarial premiums indicate a steep rise in premiums for homeowners throughout the country.
We will continue to monitor this situation and appraise accordingly.
Contact: Paul Penna, Legislative Analyst, ppenna@njlm.org, 609 695-3481, x110.