Risk Rating 2.0: Equity in Acton
Posted by The Cobb Group on
FEMA has a newer flood insurance program called Risk Rating 2.0 that is gaining traction. Previously buyers scrambled to assume flood rates of the homes in which they were purchasing to keep rates down, but in doing that they were also assuming any issues with the policies. Sellers would have to call insurers and give permission to allow assumption. This updated program allows the buyer of a new home to take advantage of any discounts without approval and creates a brand new researched policy for the new homeowner.
Flood insurance follows the home and not the homeowner. In order to take advantage of a discounted premium coverage, a home will need to have had continuous coverage. A buyer will also need the NAIC number and NFIP number that are both…
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