NFIP Revamp Could Drive Policyholders To Private Market

By Angela Childers (October 1, 2021, 7:56 PM EDT) -- The National Flood Insurance Program's controversial new risk ratings program took effect Friday, but concerns over technology issues, higher premiums and a lack of transparency have many worried that the initiative might drive policyholders to the private market.

Risk Rating 2.0 overhauls a model of subsidized flood insurance that has not been changed in 50 years. (AP Photo/Eduardo Munoz Alvarez) The program, called Risk Rating 2.0, overhauls a model of subsidized flood insurance that has not been changed in 50 years. While the change will bring the NFIP's methods for rating flood risk more in line with private flood insurers, some believe the...

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