FEMA oversees the National Flood Insurance Program (NFIP), and they updated their risk rating methodology on October 1. The risk rating changes will phase in over the next 7 months. Renewing policyholders will be able to take advantage of immediate decreases to their premiums. All remaining policies that renew on or after April 1, 2022 will be subject to the new rating methodology. Homebuyers may be able to secure private flood coverage or, alternatively, assume the seller's NFIP policy providing they're willing to do so. We want to monitor how this new methodology is impacting local homeowners. Your feedback on what you and your clients are experiencing is much appreciated.