The new Risk Rating 2.0 system from the U.S. Federal Emergency Management Agency (FEMA) will raise rates for 77% of policyholders, according to a new study from QuoteWizard. FEMA sells almost all of the nation’s flood insurance coverage through its National Flood Insurance Program and requires businesses that own property in high-risk flood areas to have flood insurance if they also have a federally backed mortgage. The new risk rating could result in more flood insurance policies being issued to help protect people and their businesses against flood devastation.
The November Commercial Risk Advisor newsletter discusses ransomware trends and flood insurance rates. Click here to read the whole newsletter.
If you have any questions about flood or cyber insurance, please contact our Johnson City insurance office at (423) 292-4142! We will work with you to make sure you and your business are fully protected.