The Five-Minute Update: Flood Risk Rating 2.0 Part 2 of 3

Flood Risk Rating 2.0 did indeed go into effect 10/1/21.

The top two questions we received after Part 1 of The Flood Risk Rating 2.0 overview were:  

  1. Will I lose my grandfathering?  The grandfathering subsidy is being phased out after 50 + years. 
  2. When will I see the first rate increase or decrease?   Here is the plan for rate rollout:
  • New business to NFIP  – All policies written as of 10/1/21 are rated using the FRR 2.0 system
  • Existing NFIP Accounts – Renewing 10/1/21 to 3/31/22
    • Carrier will issue renewal based on prior rating system approx. 6 weeks in advance of the renewal date of 10/1/21 to 3/31/22. 
    • Our agency will run a test rating under FRR 2.0 
    • The association will pay the lower of the two invoices.  
  • Existing NFIP Accounts  0Renewing 4/1/22 or after
    • Carrier will issue renewal using FRR 2.0 approx. 6 weeks in advance of the renewal date
    • The renewal bill will show the full FRR 2.0 premium (aka actuarial rate for that specific property) as well as the premium after applying the legislative CAP on the rate of 18% or 25%.  

For additional information we encourage you to review the Congressional Research Service’s Summary #R45999, dated June 4, 2021 at

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