ITEM TITLE:
Report on FEMA Flood Insurance - Risk Rating 2.0
SUBMITTED BY: Bruce Wall, Senior Planner
FISCAL NOTES:
Expenditure Required: N/A
Unencumbered Balance: N/A
Funding Source: N/A
RECOMMENDATION:
Report Only
SUMMARY STATEMENT:
FEMA is undertaking a major methodology change regarding how flood insurance premiums are determined. Beginning October 1, 2021, all new FEMA flood insurance policies for single-family residences will be based on the new risk rating methodology. Beginning April 1, 2022 all renewals will be based on the new methodology.
Nationwide, 77 percent of insured homes will see a premium increase. In Valdez the premium will decrease for all insured homes.
Please see the attached documents for more information on FEMA Risk Rating 2.0. If anyone in the public has questions about their flood zone or flood insurance requirements, please contact the Planning Department.