K.M. Minemier & Associates is a certified Woman Owned Small Business (WOSB) engaged in full service real estate asset management and marketing.

HUD Articles


October 14, 2021

Starting 10/1/2021 new FEMA flood insurance policies and later will be priced using a Risk Rating 2.0.  Policyholders that are eligible for renewal can take advantage of decreased rates.  In cases where premium increases they will be capped at18% a year and will gradually increase until your new full flood insurance rate has been reached under the new system.  All remaining policies renewing on or after 4/1/2022 will use the new Risk Rating 2.0 system.   

The reason for the new system is that FEMA originally created FIRMs (Flood Insurance Rate Maps) in 1968 and have not been updated in 40 years.  FEMA’S current rates have been insufficient to cover actual costs that were caused by floods.  Some key changes with the new system are that FEMA will not use the flood zones to calculate rates, rather they will review each property’s risk with factors such as foundation type, elevation, structure replacement cost, distance from water among other items.  FEMA has stated that the rates will be easier to understand and insurance companies and agents will see an easier time obtaining flood insurance quotes.

Some areas over the country that will see the highest increase of an average of $80 or more per month are Lawrence County, OH - Anna Maria, FL – Captiva, FL – Boca Grande, FL and areas over the country that will see a decrease of $80 or more per month are Lake Preston, SD – Farmersville, OH – Kelly, WY – San Bernardino, CA – Bronx, NY – Roselle, NY plus several other.  To see if your affected by the new changes contact your insurance company.

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