The Federal Emergency Management Agency (FEMA) will soon change how flood insurance rates are calculated for your home and property.  The National Flood Insurance Program (NFIP) is attempting to make flood insurance rates more equitable through an initiative called Risk Rating 2.0.  While SPLID has no control over FEMA and the NFIP, SPLID is a FEMA-accredited levee system.  So, residents currently receive a “Preferred Rate” for flood insurance which typically costs less than $600 per year.  When Risk Rating 2.0 becomes effective and is implemented by FEMA, the existing “Preferred Rate” will remain available through September, but on October 1, 2021, all new NFIP flood policies will be issued under the new pricing structure.  Information provided by FEMA states that 23% of all policies will see an immediate decrease and 66% of policies will see a cost increase of less than $120 per year.  As existing “Preferred Rate” policies expire, the cost will escalate up to 18% each year until the premium reaches the new Risk Rating 2.0 rate.

FEMA has not finalized how Risk Rating 2.0 will calculate new flood insurance rates for homes inside a levee like SPLID.   So unfortunately, we have no way to know how these changes will mean for rates specifically inside of SPLID.

SPLID is working with Fort Bend County and the City of Missouri City to monitor these upcoming flood insurance changes and how they may impact the community.  The City of Sugar Land recently approved a resolution opposing these changes, which you can read more about here. City of Sugar Land opposes FEMA Risk Rating 2.0 | County News |

SPLID encourages all residents to consult their insurance agent regarding flood insurance options; there is typically a 30-day wait period for flood insurance to become effective after purchase. THEREFORE, YOU MUST PURCHASE FLOOD INSURANCE PRIOR TO SEPTEMBER 1, 2021 TO OBTAIN THE PREFERRED RATE.  For additional information check out, the official website of the NFIP.