Professional Insurance Programs

Flood Insurance

Anywhere It Rains It Can Flood

Risk Rating 2.0: Equity in Action

FEMA is updating the National Flood Insurance Program’s (NFIP) risk rating methodology through the implementation of a new pricing methodology called Risk Rating 2.0. The methodology leverages industry best practices and cutting-edge technology to enable FEMA to deliver rates that are actuarily sound, equitable, easier to understand and better reflect a property’s flood risk.


New policies beginning Oct. 1, 2021, will be subject to the new rating methodology. Also beginning Oct. 1, existing policyholders eligible for renewal will be able to take advantage of immediate decreases in their premiums.


All remaining policies renewing on or after April 1, 2022, will be subject to the new rating methodology.


Why do I need Flood insurance if I have Homeowner’s Insurance? Doesn’t my Home insurance cover everything?

There is a broad misconception that your Homeowner’s insurance covers flooding. IT DOESN’T. Broken/Burst pipe(s) that cause water damage? Yes. Wind driven hail that breaks through the window and causes enough water damage? Yes. Water heater equipment breakdown? Maybe with the right endorsements. But if your home is filled with water as a result of rising bodies of lakes, streams and oceans–it is not covered. The National Flood Insurance Program defines a flood as “A general and temporary condition during which the surface of normally dry land is partially or completely inundated. Two properties in the area or two or more acres must be affected.

Do I have to be a homeowner to purchase Flood insurance? 

No you don’t. As a Renter, you can purchase Personal Property Contents and as a Condo unit owner, you can purchase both Building Coverage not to exceed $250K (when combined with the condo association policy) and $100,000 for your contents. 

Protect your most precious assets: Contact us today at 800-637-4676 or info@profinsprog.com today for a Flood Insurance Quote.


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Additional Resources:

FloodSmart | The National Flood Insurance Program

National Flood Insurance Program – Summary of coverage