Know Flood Newsletter Q3 and Q4 2021
About Us
The mission of the MCC is to educate, advocate, and inform professionals and stakeholders regionally and nationally, on flood hazards.
Contact Us
Info@knowflood.org
www.knowflood.org
Attend the 2021 MCC Annual Meeting
The annual meeting of the Massachusetts Coastal Coalition is your chance to learn the latest about Recent Changes in Flood Insurance, including Risk Rating 2.0, coastal flood mitigation efforts in your community, and pending flood legislation. You’ll hear from top speakers on a variety of topics and have the opportunity to ask questions of the experts!
Please register HERE to attend
Save The Date!
When:
Wednesday, November 17, 2021
Time:
7:00pm
Where:
Stellwagen Beer Company
100 Enterprise Drive
Marshfield, MA 02050
Surprise guest speakers not to be missed!
Pizza and water will be provided. You’ll also have the opportunity to purchase from the many fine beverage offerings of our host, Stellwagen Beer Company. There is no cost for attendance.
MCC Establishes Risk Rating 2.0 Webpage
Risk Rating 2.0, the National Flood Insurance Program’s (NFIP) rating methodology transformation, went live for all new flood insurance policies on October 1st. As part of Risk Rating 2.0, FEMA released state and zip code level premium change data, a revised flood insurance manual, and more. To consolidate all the most recent information, the MCC developed a Risk Rating 2.0 webpage on its website. This webpage can be found below, and is updated periodically as new Risk Rating 2.0 information becomes available. This page is a members only benefit.
[Visit the MCC Risk Rating 2.0 Webpage](/content/updates/risk-rating-2-0 "Visit the MCC Risk Rating 2.0 Webpage"/index.html)
October 3rd – 9th Proclaimed Flood Awareness Week in Massachusetts
The Governor, along with members of the Massachusetts Legislature, proclaimed the week of October 3rd – 9th, 2021 as Flood Awareness Week in Massachusetts. The week kicked off with a press conference and announcement of events with elected and state officials and others at the Harbor Terrace of the New England Aquarium in Boston, which is itself the site of repetitive flooding in recent years. Thanks to collaborations with the Office of Representative Patrick Kearney (Scituate-D), state nonprofits, state agencies, and others, there were dozens of educational events and webinars for the entire week. A list and recording of several of the events, and a home page for Flood Awareness Week in Massachusetts, can be found at www.floodawareness.org. To be involved in planning of next year’s event, reach out to the MCC at info@floodawareness.org
Watch events from Flood Awareness Week
Recent Podcasts: Know Flood Newscast
Have you listened to our Podcast recently? The MCC produces a podcast called the Know Flood Newscast. We take relevant topics in the news and from our newsletter and discuss them with national and local experts. Here are some recent podcasts:
-Know Flood Newscast Episode 14 – Rod Scott: With the release of Risk Rating 2.0, it’s clear that home elevation will become the key to successful mitigation and flood insurance premium reduction. Rod talks to us about his extensive experience in the field of flood mitigation.
[Listen to and follow our podcast HERE](/content/media/podcast "Listen to and follow our podcast HERE "/index.html)
Risk Rating 2.0 First Take: Messaging Will Be Key
In August, FEMA released rates for the highly anticipated National Flood Insurance Program (NFIP) rating redesign Risk Rating 2.0, also called “Equity in Action”. Equity in Action’s more nuanced approach will no longer be based on flood zones or base flood elevation and instead employ a “graduated” rating system, evaluating factors such as distance to water, types of flood exposure, replacement cost, and other advanced elements. As FEMA launches the new rates, the highly anticipated roll-out pulls back the curtain on Equity In Action’s real-world implications.
[Read the full article here](/content/risk-rating-2-0-first-take-messaging-will-be-key "Read the full article here"/index.html)
Guest Story: Wright Flood Expands to Massachusetts with admitted private flood insurance product
Product Underwritten by Zurich Insurance now available
Wright National Flood Insurance Services LLC and Zurich Insurance have launched an admitted, residential flood proprietary product – Zurich Residential Private Flood Insurance – in Massachusetts. This product has been launched in multiple states, with advanced technology and model-based rating methods to provide coverage tailored to individual homes. Other key features include:
- Admitted and approved by the state’s Department of Insurance
- Quoted in less than 2 minutes, bound in less than 5.
- No waiting period
- No elevation certificate required
- Higher dwelling limits (up to $1 million)
To learn more about private flood insurance, find a Wright agent, or to become a Wright partner agency, please visit www.wrightflood.com.
Sue’s Flood Real Estate Tips
The right policy for the right situation
An example of the challenges homeowners face navigating flood insurance costs and policies, particularly in relationship to property locations and requirements.
FEMA begins implementation of Risk Rating 2.0
Risk Rating 2.0 has begun implementation as of October 1st this year for all newly written NFIP flood insurance policies. With this new rating system, insurance agents can compare existing rates to those under the new system. The MCC has been spending considerable time working to understand trends, benefits, and concerns in Risk Rating 2.0. Please read this edition’s Coastal Connection article for more detailed information.