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  How Risk Rating 2.0 is Changing Flood Insurance Rates Flood insurance has been a misunderstood sector of the insurance industry since long before its creation as a monoline product. Before the creation of the National Flood Insurance Program (NFIP) in 1968, flooding was considered an uninsurable peril. Following a devastating period of flooding along the Mississippi River, Congress responded with the establishment of the NFIP to protect property owners from potential flood losses.  In 1973, the Flood Disaster Act went into law which mandated the purchase of flood insurance for homes in a special flood hazard area (SFHA) if the owner held a federal mortgage on the property. To determine which properties are located in a SFHA, also known as a 100-year floodplain, flood maps were created based on the flood history of a property as well as the elevation of a property in relation to the base flood elevation of the land. These properties are considered to be at a moderate-to-high risk of f

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