Understanding the National Flood Insurance Program (NFIP)in Georgia Jeff Brady September 10, :45 PM 4:15 PM

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1 Education Session H Understanding the National Flood Insurance Program (NFIP)in Georgia Jeff Brady September 10, :45 PM 4:15 PM GREC Course Code # / / You must attend two 1½-hour education sessions to earn 3 hours of CE credit. Partial credit is not given. You are not able to combine the 1½-hour and 3-hour sessions for CE credit. You cannot receive Georgia C.E. credit for this course if you have taken it in the last 366 days. Due to seating capacities dictated by local fire code ordinances, seating for all education sessions will be based on a first come-first serve basis. GAR will not be allowed to have attendees sitting on the floor or standing up once the room s seating is full. In order to foster a spirit of camaraderie and to avoid the appearance of recruitment, no nametags or clothing with a company logo will be allowed in the education courses. Should an attendee have one on at the time of entering an education course, the facilitator will kindly ask you to remove your name badge or place a blank nametag over the company logo. We appreciate your cooperation in regards to this matter!

2 STUDENT NOTICE 2015 Annual Conference and Expo The Georgia Association of REALTORS, Inc. is approved by the Georgia Real Estate Commission (GREC) to offer continuing education, sales post license, and broker prelicense courses. The GREC school code number is 271 with a renewal date of December 31, The Georgia Real Estate Commission has approved this course for Georgia real estate continuing education (CE) credit. However, to receive credit, you must attend a minimum of two 1½-hour education sessions. Two 1½-hour education sessions = 3 hours CE credits; four 1½-hour sessions = 6 hours CE credits; six 1½-hour sessions = 9 hours CE credits. GAR school policy defines an instructional hour as 50 minutes. To receive continuing education (CE) credit for this in-classroom course, the student must: be on time check in with the course facilitator before the course begins for CE Card remain in the course until the end of the session have your CE card stamped by the course facilitator at the end of the session complete the course evaluation on GAR s Mobile App at the end of the session attend a minimum of three 1- hour sessions not have taken this course for continuing education credit within the past 366 days. There is no make-up session for this course. Electronic devices are distracting. As a courtesy to others, it is required that students keep the volume turned off during courses. Be respectful to your peers and instructor while using your device to view the online handouts and to take notes. Entrance qualifications and standards of completion will not be based on race, color, sex, religion, national origin, familial status, handicap, sexual orientation, or gender identity. No recruiting for employment opportunities for any real estate brokerage firm is allowed during this course or on the premises while this course is in session. Any effort to recruit by anyone should be promptly reported to the Director of Professional Development; Georgia Association of REALTORS ; ; 3200 Presidential Drive; Atlanta, GA 30340, or to the Georgia Real Estate Commission; ; International Tower; 229 Peachtree Street, NW; Suite 1000; Atlanta, GA

3 Georgia REALTORS Understanding the National Flood Insurance Program (NFIP) in Georgia Jeffrey M. Brady, ANFI Rountree and Brady Insurance Agency Atlanta 1

4 Albany Augusta Savannah 2

5 Did you know? Over the life of a 30 Year Mortgage, there is a greater risk of loss to flood than fire Today s Discussion Common Terminology Recent Legislation BW12 and HFIAA 14 Primary vs. Non Primary Properties Future Map and Rate Changes Risks and Benefits of Transferring Flood Policies Flood Rate impact on Purchase and Sale Important Points to Remember An elevation certificate may help rate or identify long term risk Do not speak in Generalities Each Property is a case by case basis All properties are in a flood zone of some kind All of this is Subject to Change 3

6 What is a Flood? A general and Temporary condition of partial or complete inundation of 2 or more acres of normally dry land area or of 2 or more properties from Overflow of Inland or Tidal Waters Unusual and rapid accumulation or runoff of surface waters from any source Mudflow Collapse or subsidence of land along the shore of a lake or similar body of water as a result of erosion by waves or currents of water that result in a flood as defined above Policy Types Standard Flood Policy - Generally Found in Special Flood Hazard Area - Unless Standard X Elevation Certificate Required Preferred Risk Policy - available to those in X zone - not required for a loan RCBAP Condo Associations Key Definitions Assignment / Transfer Transfer by a policyholder of his/ her legal right or interest in a policy contract to a third party In the NFIP (National Flood Insurance Program), written assignment of a policy is permissible if a transfer of title with the consent of the NFIP, except in the case where a residential contents-only policy is involve or a policy was issued to cover a building in the course of construction 4

7 Key Definitions Base Flood Elevation (BFE) The elevation of surface water resulting from a flood that has a 1% chance of equaling or exceeding that level in any given year BFE is show on the Flood Insurance Rate Map (FIRM) for zones AE, AH, A1A30, AR, AR/A, AR/AE, AR/A1-A30, AR/AH, AR/AO, V1-V30, and VE Excess Flood Insurance Insurance offered on the private market for coverage over NFIP Maximum Key Definitions Community A political entity that has the authority to adopt and enforce floodplain ordinances for the area under its jurisdiction Community Number A 6 Digit designation identifying each NFIP Community Key Definitions Flood Insurance Rate Map Official Map of a community on which FEMA has delineated the Special Flood Hazard Areas (SFHA), the Base Flood Elevations (BFE) and the risk premium zones applicable to the community Floodplain Any land area susceptible to being inundated by floodwaters from any source 5

8 Key Definitions Letter of Map Amendment An amendment to the currently effective FEMA map which establishes that a property is not located in a SFHA. A LOMA is only issued by FEMA SAGIS Example In Pink Letter of Map Revision An amendment to the currently effective FEMA map which establishes that a property is not located in a SFHA. A LOMA is only issued by FEMA Key Definitions Post-FIRM Building A building for which construction or substantial improvement occurred after December 31, 1974, or on or after the effective date of an initial Flood Insurance Rate Map, whichever is later Pre-FIRM Building A Building for which construction or substantial improvement on or before December 31, 1974, or before the effective date of an Initial Flood Insurance Rate Map (FIRM) Key Definitions Principal/ Primary Residence A single family dwelling in which, at the time of loss, the named insured or the named insured s spouse has lived for either greater than 50% of the 365 days immediately preceding the loss, or greater than 50% of the period of ownership, if less than 365 days Submit-for-Rate An application for flood insurance on a building for which no risk rate is published on the NFIP Flood Insurance Manual Insurance coverage can be obtained only after the insurer has approved the application and has established the risk premium rate 6

9 Elevation Certificate Elevation Certificate What is an acceptable Elevation Certificate? Signed and Dated by Registered Land Surveyor Must include seal/ signature Finished Construction Copy must be Legible On FEMA Form Wont accept old County Form Address on Cert must match property Date completed before expiration date of form Flood Vents A vent is permanent opening in the foundation of a home that allows for the equalization of hydrostatic pressure Vents must be within 12 inches of the lowest adjacent grade to be considered for rating Each enclosure in a home below the BFE must have 1 square inch of opening for each square foot of enclosure 7

10 Flood Vents Must have at least two vents and they cannot all be on the same exterior wall Only Valid and Beneficial in A Zones, including AE, A, A16, etc Flood Vents Common Building Types 8

11 Slab on Grade Homes Vents not required in garage unless equipment servicing building below base flood elevation Rating from First livable floor Common Building Types Elevated with No Enclosure Normally on columns, posts, pilings Rating from First elevated livable floor 9

12 Common Building Types Elevated with an Enclosure A zones Must be properly vented Cannot have finished wall for best rate Machinery and equipment in enclosure will increase rate Bathrooms/ bedrooms, HVAC lower the rating floor Non Disclosure of finished space could reduce or eliminate a claim payout Elevated with an Enclosure V Zones Vents have no impact Size of enclosure and materials will raise rate Breakaway walls only preserve CRS Discount Bathrooms/ bedrooms, HVAC lower the rating floor Concrete block walls result in non elevated rating in V Zones 10

13 Common Building Types Elevated on Crawlspace Must have Proper Venting in crawlspace Attached Garage must be vented Machinery in garage can have impact on rate if below Base Flood Bathrooms/ bedrooms, HVAC lower the rating floor Concrete block walls result in non elevated rating in V Zones Bigger-Waters 12 and HFIAA Extended Subsidized Pre-FIRM rates for 4 years (2018) Non Primary PRE Firm Properties will increase at 25% per year Continue a move to Full Risk Rates Must occupy 50% of time 48 Month extension ( Through May 2018) 24 months to complete Affordability Study 18 months to develop regulatory framework 6 months for Congress to provide an up or down vote 11

14 Biggert-Waters 12 and HFIAA Requires proof of Primary residence on all Properties Drivers License Auto Registration Proof of Vehicle Insurance Voter Registration Homestead Tax Credit Form for Primary Child School Documentation Deductible Changes Biggert-Waters 12 and HFIAA Continuation of Transfer/ Assignment of Flood Policy Allowable for Primary Residence Policies Signatures must be collected prior to closing Endorsement must be approved and completed by NFIP to be honored Rate Changes Capped at 18% Primary Homes receive $25 surcharge Non Primary and Non Residential receive $250 surcharge Applied at new business and renewals HFIAA April 1, 2015 Changes Implementation of Annual Surcharges $25 For Primary $250 for Non Primary In Addition to the Premium Proof of Primary Required on all policies for New and Renewal First Rate Changes Set Increase Reserve Fund Assesments Increase to 15% from 5% Currently on all but Preferred Risk Policy 10% added to Preferred Risk Policy Increases to be phased in 12

15 HFIAA April 1, 2015 Changes New Deductible Options Optional $10,000 Deductible Minimum deductible based on coverage limits Mortgage company can set maximum Newly Mapped Properties (X to SFHA) First year receives PRP Rates Transition to full risk rates through 15% increase Federal Policy Fee Remains $22 for PRP Increases to $45 for all other policies Condo Master Policy has fee of $45 per unit Rate Changes Limiting Increases of 15% for any one rate class Limiting Increases for individual premiums to 18% 25% annual increase for Pre-FIRM non primary Increase through current Authorization of 2018 Independent of Fee Changes April 1, 2015 saw average of 8% across rate classes Starting 11/1/2015 Pre-Firm Business Flood to see 25% increase Map Updates RiskMap Higher resolution grids Gives greater detail First major data update since early 1970 s Properties mapped into higher risk zones will be phased into higher rates 13

16 Assignment or Transfer of Policy Signatures All sellers and buyers must sign Completion Must be signed and endorsed prior to closing date for NFIP to honor Is the policy correctly rated? i.e. proper venting, zone, etc. What does buyers mortgage require for period left on policy? Questions Case Study Buyer Considerations What flood zone is the property in that my client is interested in? What is the CORRECT flood insurance rate? Rated with vents and none present or too high? Potential Claims Impact? How does that rate impact my buyers mortgage payment and buying power? What other house could my client purchase with a similar payment not a Special Flood Hazard Area? Buyer Considerations Pre-FIRM or Post-FIRM Is the current policy rated with an elevation certificate? Is this my clients Primary home? Pre-FIRM rating does not require Elevation Certificate Grandfathered? Built in compliance but Maps have since changed Buyer should get flood quote in Diligence period 14

17 Seller Considerations What zone is property in? Was it built before a Flood Map was in place? Has the map changed? Check with Community Official Grandfather? New Certificate needed? How much will a new buyer pay for flood insurance? Seller Considerations How does the cost impact the market value? Was it built before a Flood Map was in place? Has the map changed? Check with Community Official How much will a new buyer pay for flood insurance? Do we have an Elevation Certificate or are we prepared to have one completed by a Licensed Surveyor? High Flood Rates Raise Deductibles Has the map zone changed? Lower risk zone Grandfathered? Reduce or Remove Contents Wrong Occupancy Surcharge? Remove or Reduce Contents 15

18 What s Next? Short Term (3 Years) Extension 2018 Elevation Certificate still recommended to determine risk A low house will always be a low house Get it early in the process NFIP/ FEMA is tasked with developing a long term strategy Details are unresolved and unknown at this time What s Next? Current NFIP authorized through May 2018 Rate Structure remains the same unless changed at ReAuthorization Rate increases 25% for Pre-FIRM non primary As needed Basis for Other Rate Classes Helpful Tools map.georgiadfirm.com Your Community Flood Plain Administrator msc.fema.gov 16

19 Important Points to Remember An elevation certificate may help rate or identify long term risk Transfer/ Assignment could push a problem to Buyer Each Property is a case by case basis All properties are in a flood zone of some kind All of this is Subject to Change 17

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