NFIP's Pricing Approach

In April 2021, NFIP's pricing approach, Risk Rating 2.0, was launched. The resources available here were published as part of the transition to this pricing approach.

FEMA has provided the following documents for guidance around the implementation of NFIP's pricing approach.

The Flood Insurance Manual outlines the NFIP underwriting policies and processes to enable effective and consistent program implementation within NFIP's pricing approach. The Risk Rating 2.0: Industry Transition Memo outlines how a policy rated prior to the implementation of NFIP's pricing approach is now calculated.

• RR 2.0 NFIP Flood Insurance Manual

For a background and additional information about FEMA’s new pricing methodology, please visit fema.gov/flood-insurance/work-with-nfip/risk-rating.

Risk Rating 2.0 Pricing Methodology Underwriting Forms

• NFIP Flood Insurance Application - Risk Rating 2.0 Pricing Methodology
  FEMA Form FF-206-FY-21-117 - An application for flood insurance coverage from the National Flood Insurance Program for new policies effective on or after 10/1/21.
• NFIP Flood Insurance General Change Endorsement - Risk Rating 2.0 Pricing Methodology
  EMA Form FF-206-FY-21-119: This form enables an insured party to amend an insurance policy issued or renewed under the Risk Rating 2.0 pricing methodology to reflect substantial improvements to the structure, a change in an insurance agent, or other changes in the status of the insured person or structure.
• NFIP Flood Insurance Cancellation/Nullification Request Form - Risk Rating 2.0 Pricing Methodology
  FEMA Form FF-206-FY-21-118: This form is used to cancel a Flood Insurance Policy issued under the Risk Rating 2.0 pricing methodology effective on or after Oct. 1, 2021.