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New Federal Flood Insurance Rating Plan to Start Oct 1

New Federal Flood Insurance Rating Plan to Start Oct. 1 Hundreds of thousands of Americans will pay significantly more to insure their homes in coastal areas and flood zones under new rules released on Thursday by the Federal Emergency Management Agency (FEMA), the first major update to its pricing system in half a century. The agency said that, over the coming year, it will phase in a price-setting method that marks an epochal shift in the National Flood Insurance Program (NFIP), which was set up in 1968 to cover property in flood-prone areas. New premiums will be based on a property’s value, risk of flooding and other factors, rather than simply on a property’s elevation in a flood zone. They will take effect on Oct. 1, 2021, for new policies and April 1, 2022, for the rest, FEMA said.

Factors that impact your home insurance rate

Factors that impact your home insurance rate Bankrate 1 hr ago © Thomas Barwick/Getty Images Smiling young boy jumping on trampoline The average premium for homeowners insurance in the U.S. is $1,312 per year. However, homeowners are likely to see a large variance in state averages. For example, in Oklahoma, you might have an annual premium of $3,519, while in Hawaii, you may only see premiums averaging around $376 per year. So what impacts home insurance rates? Every insurer assesses the risk of underwriting a particular home, which includes estimating the number of claims that will likely be paid. Popular Searches Weather is just one of the factors that affect home insurance rates. Oklahoma, in the heart of Tornado Alley, is a high-risk state that faces higher average premiums. However, other locations, like Hawaii, may not face as many or the same significant threats from natural disasters. But while the likelihood of catastrophic natural disasters is an important f

County seeks federal flood insurance following East Troublesome Fire

This preliminary hazard assessment outlines the risk of debris flow after 15 minutes of intense rain along watersheds in the East Troublesome burn scar. Flooding and mudflow is a major concern for Grand County and officials are working to reduce risk. US Geological Survey Grand County is working to bring the National Flood Insurance Program to residents and businesses locally who face higher flood risks following the East Troublesome Fire. In order to participate in the flood insurance program, Grand County’s Office of Emergency Management and Community Development have created draft floodplain regulations, which include permits for development in floodplain areas and development requirements to minimize flooding damage.

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