The Safeguarding Tomorrow through Ongoing Risk Mitigation (STORM) Actwas signed into law on Jan. 1, providing a $200 million revolving loan fund through which the Federal Emergency Management Agency (FEMA) can fund flood mitigation and resilience projects. Although money won't be distributed until next year, this fund should provide an easier avenue for municipalities to pursue funding for projects in place of other federal grant programs that can be more difficult to secure. LOOK UP TO THE SKY FEMA has paid a $195.8 million premium for $1.15 billion of reinsurance for the National Flood Insurance Program (NFIP) this year. This year's program involves 32 reinsurers compared with 27 in last year's $1.33 billion program. On Oct. 1, 2021, new rates for all NFIP-insured properties will go into effect under a redesigned flood risk rating system referred to as “Risk Rating 2.0.” Risk Rating 2.0 will incorporate a broader range of flood frequencies than the current methodology and will also incorporate third-party, commercially-prepared catastrophe flood models and replacement costs.