Flood Insurance Premium Increases And Increased Cost of Compliance Eligibility

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Flood Insurance Premium Increases And Increased Cost of Compliance Eligibility"

Transcription

1 Flood Insurance Premium Increases And Increased Cost of Compliance Eligibility January 11, 2015 (This document is updated frequently, so please consult the most recent edition) Margaret Becker Director of Disaster Recovery and Community Development Legal Services NYC 40 Worth Street, Suite 606 New York, NY

2 Information on many of these topics as well as individual properties is available at floodhelpny.org 2

3 Table of Contents Who Is Required to Carry Flood Insurance and How Much? p. 4 What Premium Increases Can Homeowners Expect? p. 7 Table of Sample Full Risk-Premiums for Un-elevated Homes p. 8 How Quickly Will the Full-Risk Rates Come? p. 10 Examples of HFIAA rate increases at 15% and 18% p. 11 Estimated loss of home value without elevation p. 12 Reasons Homeowners May Resist or Reject Elevating Their Homes p. 13 What Is An Elevation Certificate and How to Get One? p. 14 Is There Some Way to Estimate A Home s Elevation without Hiring a Surveyor? p. 14 The Problem of Elevated Homes Where the Lowest Floor Has Been Converted p. 17 Increased Cost of Compliance Coverage and Eligibility p. 18 3

4 Regardless of any requirements: Who Is Required to Carry Flood Insurance and How Much? Anyone at risk of flooding should ideally carry enough flood insurance to cover the cost of rebuilding the home if it is destroyed, up to the maximum policy amount of $250,000. If the home is newer construction and is unlikely to be completely destroyed, it may be adequate to purchase enough flood insurance to cover significant damage to the home up to the base flood elevation plus 2 feet. For example, if the home only had $100,000 in damage after Sandy, maybe that is a good ballpark for the amount of coverage to buy, if a full $250,000 policy isn t affordable. IMPORTANT: If the home isn t insured for at least 80% of the cost of replacing the structure, the homeowner will only be paid for actual cash value for the loss rather than replacement cost value. (See fuller explanation below.) Additional coverage for contents is recommended. Bear in mind that most contents in a basement will not be covered. The following are minimum requirements. More than one of these requirements may apply to a homeowner. The homeowner must meet the highest of the requirements. People who received assistance from FEMA's Individual and Household Assistance Program ( IA or IHP ): Must purchase coverage for at least the FEMA grant the homeowner (or renter) received. Recipients of FEMA aid who do not purchase flood insurance and who apply for FEMA Assistance for a subsequent disaster will be ineligible to receive FEMA help for any repair/rebuild needs and will be ineligible for any form of federal repair/rebuild needs (like Build It Back). The flood insurance purchase requirement stays forever. The requirement sticks to the address, even if the property is demolished and a new structure is built. Homeowners must inform future buyers of the requirement to maintain insurance. People with a mortgage: If the client has a mortgage and lives in a special flood hazard zone (A, AE, or V), she must maintain flood insurance up to the amount of the outstanding balance on the mortgage, or the maximum policy amount of $250,000 for the structure, whichever is less. * The requirement ends when the principal balance of the mortgage is paid off. If the homeowner does not purchase flood insurance, the mortgage servicer is likely to force place insurance on the property and pass the cost on to the homeowner by increasing the escrow portion of the monthly mortgage payment. * Current legislation only mandates flood insurance for federally insured mortgages (e.g. Fannie, Freddie, FHA, or VA), but most mortgage companies will require flood insurance to protect their interest in the property. 4

5 Force-placed insurance is often more expensive than homeowner-purchased insurance and often gives the homeowner less protection than a policy purchased by the homeowner. Mortgage servicers are penalized if they do not enforce this insurance requirement, which is why servicers force place flood insurance. Recipients of Small Business Administration (SBA) loans: Must purchase flood insurance up to the market value of the structure (not including the land) or the National Flood Insurance Program (NFIP) maximum of $250,000, whichever is less. Since the SBA loan is considered disaster assistance, the current homeowner or the future purchaser of the property must maintain at least the FEMA aide maximum (currently $32,400), even after the SBA loan is paid off. As with mortgage servicers, SBA will force place insurance on the property, if the homeowner does not purchase a policy while the SBA loan is in repayment. Failure to comply may make the homeowner ineligible for any form of federal assistance for damage to the structure. Recipients of Build It Back assistance: Recipients whose property is in a flood hazard zone must maintain flood insurance up to the Build It Back grant amount, or the maximum flood insurance policy ($250,000), whichever is less. Since the requirement comes from the use of federal funds (Community Development Block Grant- Disaster Recovery), the requirement is permanent and attaches to the property, though the amount of insurance required on an ongoing basis has not been clarified. Sellers must disclose the requirement to subsequent purchasers. Failure to purchase flood insurance will make the homeowner ineligible for any future federal flood assistance (FEMA, SBA, CDBG-DR). 5

6 How do I know the value of the structure separate from the land? Don t try to guess! The New York City Department of Finance has these figures, but accessing them is not simple. The Build It Back program has or can get this information for all those who have registered. Call Build It Back and ask for the value of the land and the value of the structure. The examples below come from Department of Finance figures, and may not be accurate. Midland Beach home built in 1960 Total value (land and structure): $287,000 Value of structure alone (pre-storm): $130,000 (45%) Oakwood Beach home built in 1970 Total value (land and structure): $360,000 Value of structure alone (pre-storm): $150,000 (42%) South Beach home built in 2002 Total value (land and structure): $347,000 Value of structure alone (pre-storm): $280,000 (81%) New Dorp Beach home built in 1925 Total value (land and structure): $388,000 Value of structure alone (pre-storm): $205,000 (53%) Rockaway Park home built in 1987 Total value (land and structure): $624,000 Value of structure alone (pre-storm): $251,000 (40%) Purchasing a policy for less than 80% of the replacement cost of the structure will mean a smaller insurance payout. Only applies to single-family homes, not 2- or more unit homes. The replacement cost of the structure is not necessarily the same as the current value of the structure in the examples above. If a homeowner purchases a building policy for less than 80 percent of the full replacement cost of the building the cost to build the home again from the ground up the insurer will only pay for actual cash value of the loss, not replacement cost value. Examples of the difference between actual cash value (ACV) and replacement cost value (RCV): On a claim for $250,000, the difference was about $29,000 On a claim for $198,000, the difference was about $26,500 On a claim for $43,000, the difference was about $8,400 On a claim for $37,000, the difference was about $3,700 These are examples only. The difference in any given claim depends on what was damaged, because depreciation rates vary. For example, drywall depreciates differently than a floor joist does. 6

7 What Premium Increases Can Homeowners Expect? Legislative Background: Many homeowners in flood hazard zones have been paying artificially low, subsidized flood insurance rates. After Hurricane Katrina, FEMA went $18 Billion in debt. The Biggert-Waters Act of 2012 sought to address this by requiring that all flood insurance policies paid premiums commensurate with the property s risk, and it mandated that these new, often much higher rates be phased in rapidly. Due to the devastating affect that these premium increases would have on many coastal homeowners, in 2013 congress enacted the Homeowners Flood Insurance Affordability Act (HFIAA). The HFIAA slowed the phase-in of full risk rates, but it did not stop the rate increases. Factors That Affect the Rate: Flood Hazard Zone The Flood Insurance Rate Map (FIRM) in New York is changing: a homeowner s current zone may not be his zone in Advocates and homeowners can find out the home s current and future (preliminary FIRM) flood zone by going to: floodhelpny.org Region2coastal.com New York City is likely to adopt the preliminary FIRM maps in the spring of 2016, at which point the new flood zones and elevation standards will take effect. Property Features How far below (or above) the Base Flood Elevation (BFE) the home s lowest floor is. o BFE is measured against sea level, not the surrounding ground. o BFE is measured from the top of the "floor of the lowest floor. (NFIP uses two different meanings of the word floor. ) o Top of the floor means where your rug lies o Lowest floor means the lowest story. o BFE is measured from the top of the floor of the lowest story. Basements count! Any basement, finished or unfinished. The floor of the basement is where the home s elevation will be measured from. However, the rates account for the fact that the lowest floor is a basement (and therefore has limited coverage). In elevated homes, the enclosure below the elevation should not be finished : must have less than 20 linear feet of drywall. Raising utilities can reduce the rate, but not dramatically. 7

8 What Will Full Risk Rates Look Like? Homeowners who remain in an X zone when the pre-firm maps take effect will not see significant premium increases. Homeowners whose homes are elevated above the new Base Flood Elevations (BFE) will see rates comparable to those in the X zone (about $500). Values below are for $200,000 structure coverage, $80,000 personal propert, $2,000 deductible, and a 1-4 family home Zone Basement Elevation relative to BFE Full-Risk Annual Premium AE No 0 feet $1,722 AE No -4 feet $9,995 AE Yes -5 feet $4,100 AE Yes -9 feet $8,045 AE Yes -13 $16,291 VE No 0 feet $4,297 VE No -4 feet $23,244 The rates for homes with basements are different from the rates of homes without basements, so it is critical that the homeowner pay attention to the basement/no basement differences when comparing the home to the rate examples. The above table gives examples only for un-elevated homes. Homes that are elevated but still below the BFE receive different rating treatment. None of the above examples apply to elevated home premiums. 8

9 Source: A Stronger, More Resilient New York/FEMA 9

10 How Quickly Will the Full-Risk Rates Come? The following describes the current status of the law, under the HFIAA. Congress could change the law at any time. Congress is under pressure to stop FEMA s ongoing fall deeper into debt, and therefore could revisit the issue of flood insurance premiums at any time. 1-4 family homeowners (primary residence) without severe repetitive loss : Annual rate increases are capped at 15%-18% of the current premium. Homes that are moving from low- to high-risk zones can purchase preferred risk rate for 1 st year, and benefit from 18% cap in subsequent years. Homeowners purchasing flood insurance for the first time in a high-risk zone can purchase at the rate of a prior, pre-firm policy (for now), and benefit from 18% increase cap in subsequent years. New purchasers will get the benefit of an 18% rate increase cap. The regulations indicate that these caps on annual increases apply to a residence, not your residence, suggesting that residential rental properties are covered by the caps. However, the caps do not apply to second homes, such as vacation homes. Severe repetitive loss properties: Severe repetitive loss means a property: (a) that has at least four NFIP claim payments (including building and contents) over $5,000 each, and the cumulative amount of such claims payments exceeds $20,000; or (b) for which at least two separate claims payments (building payments only) have been made with the cumulative amount of the building portion of such claims exceeding the market value of the building. (c) For both (a) and (b) above, at least two of the referenced claims must have occurred within any ten-year period, and must be greater than 10 days apart. Not protected by HFIAA delay in rate increases. Annual premium increase of 25% of the full risk rate until the full risk rate is reached. Rate increases began on October 1, Second Homes and Businesses: Not protected by HFIAA Rate increases began in 2013 Annual premium increase of 25% of the full risk rate until the full risk rate is reached. 10

11 Examples of HFIAA rate increases at 15% and 18%, starting from premiums of $1800 or $500 Generally, Pre-FIRM (built before 1987) will see 15% annual increase Post-FIRM (built after 1987) will see 18% annual increase. 15% per year 18% per year Annual premium Monthly premium Annual Premium Monthly Premium current $ 1, $ year 1 $ 2, $ $ 2,124 $ 177 year 2 $ 2, $ $ 2506 $ 209 year 3 $ 2, $ $ 2,957 $ 246 year 4 $ 3, $ $ 3,490 $ 291 year 5 $ 3, $ $ 4,118 $ 343 year 6 $ 4, $ $ 4,859 $ 405 year 7 $ 4, $ $ 5,733 $ 478 year 8 $ 5, $ $ 6,765 $ 564 year 9 $ 6, $ $ 7,984 $ 665 year 10 $ 7, $ $ 9,421 $ 785 year 11 $ 8, $ $ 11,117 $ 926 year 12 $ 9, $ $ 13,118 $ 1,093 year 13 $11, $ $ 15,479 $ 1,290 and so on until the full-risk rate is reached. 15% per year 18% per year Annual premium Monthly premium Annual Premium Monthly Premium current $ 500 $ 42 year 1 $ 575 $ 48 $ 590 $ 49 year 2 $ 661 $ 55 $ 696 $ 58 year 3 $ 760 $ 63 $ 822 $ 69 year 4 $ 875 $ 73 $ 969 $ 81 year 5 $ 1,006 $ 84 $ 1,144 $ 95 year 6 $ 1,157 $ 96 $ 1,350 $ 113 year 7 $ 1,330 $ 111 $ 1,592 $ 133 year 8 $ 1,530 $ 128 $ 1,879 $ 157 year 9 $ 1,759 $ 147 $ 2,217 $ 185 year 10 $ 2,023 $ 169 $ 2,617 $ 218 year 11 $ 2,326 $ 194 $ 3,088 $ 257 year 12 $ 2,675 $ 223 $ 3,644 $ 304 year 13 $ 3,076 $ 256 $ 4,300 $ 383 and so on until the full-risk rate is reached Remember, the rate increases will stop once the homeowner reaches the full-risk rate. 11

12 Estimated loss of home value without elevation. Those who chose not to elevate their homes should be aware that their homes will lose value as a result. A home with a $5,000-$10,000 annual flood insurance premium may be hard to sell at anything close to its pre-sandy value, or even its value today. A $500 flood insurance premium increase is estimated to cause a $10,000 decrease in home value. Each $5,000 premium increase could lead to a $100,000 loss in value. 12

13 Reasons Homeowners May Resist or Reject Elevating Their Homes Home elevation is the single most effective way for homeowners to reduce their flood insurance premiums. Homeowners may have any or all of the following reasons for opposing elevation of their homes. Some of these statements are based on lack of information, but some involve difficult balancing of valid priorities: A storm like Sandy isn t going to happen again. Flood insurance premiums are increasing, whether another storm like Sandy happens or not. Any homeowner with a mortgage will have no choice about carrying flood insurance: if the homeowner does not purchase flood insurance, the mortgage bank will purchase it and add the cost to the monthly mortgage bill. I can t climb stairs. Lifts can be installed. However, homeowners who do not feel comfortable with a lift may want to have the home elevated to preserve its value then sell it and relocate. I can handle flooding: I don t need to elevate. This is an option for anyone who does not have a mortgage (and therefore will not have flood insurance forceplaced by the bank). However, the home s value will drop by approximately $10,000 for every $500 increase in flood insurance costs. A $5,000 premium increase could lead to a $100,000 loss in value. I don t want to lose my basement room. The homeowner will lose the basement room. The homeowner in this circumstance must weigh the loss of that space against the burden of a $5,000-$10,000 annual flood insurance bill and a $100,000-$200,000 loss in the home s value. I don t want to waste all the repair work I ve done already. The homeowner must weigh the value of what would be lost (depending on the type of elevation) against the cost of not elevating (high insurance premiums and loss of home value). I have no money to elevate my home. Most homeowners in the high-risk flood zones face this problem. There is no solution currently. Very few homes are eligible for Build It Back elevation or ICC claims. The federal government stopped the flood insurance rate increases. The 2014 legislation (HFIAA) slowed the rate of the premium increases but did not stop them. I can t afford temporary rent while I am displaced during the elevation process. Build It Back is providing temporary rent in some circumstances. Otherwise, there is no solution to this problem. I need Build It Back reimbursement, and I can t get reimbursement on an elevation pathway. This is true. The homeowner must weigh the long-term value of elevation against the need for reimbursement. My home can t be elevated (old home, attached home, etc.). There are solutions. Attached homes can be elevated by means adding an additional floor on top of the building and converting the lowest floor to storage or a garage. I m exhausted. Yes. 13

14 What Is An Elevation Certificate and How to Get One? An elevation certificate states the elevation of the home s lowest inhabited floor above sea level. Homeowners in high-risk flood zones who do not already have an elevation certificate will need one to purchase a new flood insurance policy or renew a current one. An elevation certificate must be prepared by a surveyor or engineer and costs $500-$800, possibly more. Is There Some Way to Estimate a Home s Elevation without Hiring a Surveyor? A Build It Back Feasibility Determination Report gives enough information about a property to derive a ballpark estimate of the home s current elevation. Homeowners cannot rely on this as an accurate determination of the home s elevation. There are variables that could alter the estimate by several feet. However, this information can give the homeowner a rough idea of the home s current elevation. Since everyone in a Special Flood Hazard Zone will have to get an elevation certificate in order to continue their flood insurance, we recommend that homeowners hire a professional to determine accurately the home s elevation. Not all homeowners in Build It Back have reached the feasibility report stage, but many have. Homeowners should ask Build It Back for a copy of the Report, if they have not already received it. Homeowners working with advocates in the Build It Back counseling program can ask their advocate to download a copy of the Report for them. The first page of the Feasibility Determination Report states the homes flood zone (SFHA), base flood elevation (BFE), lowest adjacent grade (LAG), and height of the first floor above ground (FFAG). The illustration on the following page shows you where to find this information on the Report. You must also know whether the home has a basement or cellar. This information is directly above the SFHA box, highlighted in yellow on the attached sample. It makes no difference whether the below ground space is a basement or a cellar: both have the same effect on the home s elevation. (Crawlspaces are different, however.) To calculate the elevation of a home with a basement or cellar, you need to know (or approximate) the height of the basement or cellar. If you do not know the height, you can use 7 feet as a guess. Again, this is a rough estimate. This information is on every feasibility report, regardless of whether the home is in a repair and elevation track or simply a moderate rehabilitation track. 14

15 Flood Zone (Special Flood Hazard Area) Base Flood Elevation (future FEMA required home elevation, based in preliminary maps. These elevation requirements should take effect in early 2016) Lowest Adjacent Grade (height of ground around home) First Floor Above Ground (distance between the lowest ground point near the building and the bottom of the first floor above ground) 15

16 Using the information from the sample Feasibility Determination Report, we can estimate that this home is roughly 8 feet below BFE, including the basement. BFE=12 LAG=8.97 (We ll round up to 9 ) FFAG=2 Home has a cellar. We will assume the cellar has a 7 ceiling. The home has more than 1 floor. (Rates for single and multi-story buildings differ significantly) The elevation of the home is measured from the floor (where the rug lies) of the basement, relative to sea level. You can derive an estimate of this in several steps: 1. To determine where the floor of the basement lies relative to the ground (LAG), use the following equation: 7 (ceiling height) 2 (FFAG) = 5 2. To determine where the floor of the basement lies relative to sea level, use the following equation: 9 (LAG) 5 (basement depth below ground) = 4 3. We now know that the lowest level (basement floor) of the home is 4 above sea level. 4. The elevation requirement (BFE) for the home is (BFE) 4 (basement floor relative to sea level) = 8 5. Therefore, the home s current elevation is roughly 8 below BFE, or -8. To get a rough sense of what the full-risk insurance premium will be, find one of the examples that most closely matches the home s relevant characteristics: 8 feet below BFE with a basement. The homeowner s full-risk premium in AE zone at -8 and basement = approximately $6,000/year. The rates for homes with basements are different from the rates of homes without basements, so it is critical that the homeowner pay attention to the basement/no basement differences when comparing the home to the rate examples. Assumes that she raises her utilities out of the cellar. Leaving utilities in the cellar will raise the annual premium by a few hundred dollars. 16

17 The Problem of Elevated Homes Where the Lowest Floor Has Been Converted Many newer homes in the current flood zone were built as elevated homes. This applies to many Post-FIRM homes, which were built after 1987 when the first flood rate maps (FIRMs) were adopted. Many of these homes were later converted to make living quarters on the ground floor, which was formerly an unfinished garage or other non-living space. In some cases, the conversion was done by the current owner. In other cases, the current homeowner purchased the home believing that the converted ground floor complied with building codes (which it did not). In either case, the floor (where the rug lies) of the converted ground floor will be the point at which the home s elevation will be measured for purposes of flood insurance premiums. The home s Certificate of Occupancy (available from the buildings department) will indicate whether the lowest floor was supposed to be living quarters or not. A garage door on the front of a non-garage space is an indication that the floor has been converted. If a building located in an A zone has an enclosure below the elevated floor, including an attached garage, the enclosure or garage floor becomes the lowest floor for rating when any of the following conditions exists: The enclosed space is finished (having more than 20 linear feet of interior finished wall; or The unfinished enclosed space is used for other than building access (stairwells, elevators, etc.), parking, or storage; or The unfinished enclosed space has no proper openings (i.e. flood vents to let water flow out). Some homes with converted ground floors may not need to be further elevated: The good news is that homeowners with converted ground floors may not have to physically elevate the home to meet current BFE requirements. If the original lowest floor for living space (above the garage floor) is already at or above the new BFE, the homeowner can restore the ground floor to its original purpose (i.e. remove the finishing) and pay low flood insurance premiums. This is much cheaper than elevating the home. The bad news is that the homeowner will lose the lowest floor as living space. Is it possible to leave the finishing in place on the ground floor and still use the higher floor as the home s elevation point, for purposes of flood insurance rating? According to NFIP regulation, no. In the past, NFIP has not always checked whether the ground floors of elevated homes were finished. Many people received flood insurance payments after Sandy for losses in converted ground floors. This may not continue, and cannot be relied on in any event. Be aware, though, that a homeowner who receives a policy that is rated as an elevated home, despite a finished ground floor, will have very limited coverage for any loss below the elevated floor. 17

18 Increased Cost of Compliance Coverage and Eligibility The National Flood Insurance Program (NFIP) standard flood insurance policy, which the vast majority of flood insured homeowners have, includes coverage for some homeowners to pay for some of the cost of home elevation. The coverage is called Increased Cost of Compliance (ICC). Coverage: Up to $30,000. Subject to $250,000 maximum NFIP pay-out. Available only to homeowners whose homes were substantially damaged (50% or more of the structure value) or have a repetitive loss structure (2 flood damage claims during a 10-year period which combined reached 50% or more of the structure value). The 50% damage threshold includes only flood damage, not flood and wind combined. Examples: Homeowner A has $250,000 in building coverage under her flood insurance policy. She received $200,000 payment for Sandy damage to her home. Her home (structure only) is valued at $120,000. She is eligible for ICC. Homeowner B has $200,000 in building coverage and received $200,000 in flood insurance payment for Sandy damage, which is greater than 50% of the structure value. He is eligible for an additional $30,000 from ICC. Homeowner C has $250,000 in building coverage and received $230,000 in insurance payment. She is eligible for $20,000 in ICC coverage. Deadline to complete mitigation work for an ICC claim: October 28, 2016 (Four years from loss) The standard flood insurance policy states that an ICC claim must be filed and work completed within 2 years of the date of loss, but that deadline was extended to 4 years by FEMA Bulletin W (February 11, 2013). 18

Homeowner FAQs. Please see below for answers to frequently asked questions. Future Local Work Questions

Homeowner FAQs. Please see below for answers to frequently asked questions. Future Local Work Questions Homeowner FAQs Due to the Biggert-Waters Flood Insurance Reform Act of 2012, new flood insurance policies for older Pre-FIRM structures in the 100-year floodplain will be increasing dramatically as of

More information

CONDOMINIUMS I. METHODS OF INSURING CONDOMINIUMS. Important Notice to Agents/Producers:

CONDOMINIUMS I. METHODS OF INSURING CONDOMINIUMS. Important Notice to Agents/Producers: Important Notice to Agents/Producers: CONDOMINIUMS Boards of directors of condominium associations typically are responsible under their by-laws for maintaining all forms of property insurance necessary

More information

FEMA Flood Insurance. What s Next?

FEMA Flood Insurance. What s Next? FEMA Flood Insurance What s Next? Why the Changes to the NFIP? 1968: Congress created the NFIP to make affordable flood insurance generally available (flood damage is not covered by a typical homeowners

More information

3/23/2015 FEMA NFIP. Session Overview

3/23/2015 FEMA NFIP. Session Overview FEMA NFIP A g e n t Tr a i n i n g P r o g r a m 1 Session Overview 2 1 Introduction to the Session Session 2 Module 5: Loss Settlement Module 6: Building an NFIP Policy Module 7: Base Flood Elevation

More information

Biggert-Waters NFIP Reform Act of 2012 For Surveyors and Engineers. December 3, 2013 Bill Tingle PG, CFM

Biggert-Waters NFIP Reform Act of 2012 For Surveyors and Engineers. December 3, 2013 Bill Tingle PG, CFM Biggert-Waters NFIP Reform Act of 2012 For Surveyors and Engineers December 3, 2013 Bill Tingle PG, CFM Biggert-Waters National Flood Insurance Program Reform Act of 2012 (BW-12) Signed into Law July 6,

More information

CONDOMINIUMS I. METHODS OF INSURING CONDOMINIUMS. Previous Section Table of Contents. Important Notice to Agents/Producers:

CONDOMINIUMS I. METHODS OF INSURING CONDOMINIUMS. Previous Section Table of Contents. Important Notice to Agents/Producers: Previous Section Table of Contents Next Section Important Notice to Agents/Producers: CONDOMINIUMS Boards of directors of condominium associations typically are responsible under their by-laws for maintaining

More information

The Biggert-Waters Flood Insurance Reform Act 2012. Signed by the President July 6, 2012

The Biggert-Waters Flood Insurance Reform Act 2012. Signed by the President July 6, 2012 The Biggert-Waters Flood Insurance Reform Act 2012 Signed by the President July 6, 2012 Biggert-Waters 2012 (BW-12) What Does it Do? Reauthorizes the National Flood Insurance Program (NFIP) for 5 years

More information

Biggert Waters Flood Insurance Reform Act of 2012

Biggert Waters Flood Insurance Reform Act of 2012 Biggert Waters Flood Insurance Reform Act of 2012 Impact of National Flood Insurance Program (NFIP) Changes Note: This Fact Sheet deals specifically with Sections 205 and 207 of the Act. I n 2012, the

More information

Changes Coming to the National Flood Insurance Program What to Expect. Impact of changes to the NFIP under Section 205 of the Biggert-Waters Act

Changes Coming to the National Flood Insurance Program What to Expect. Impact of changes to the NFIP under Section 205 of the Biggert-Waters Act Changes Coming to the National Flood Insurance Program What to Expect Impact of changes to the NFIP under Section 205 of the Biggert-Waters Act Changes are Coming to the NFIP Congress passed the Flood

More information

Flood Insurance for Risk Managers

Flood Insurance for Risk Managers Flood Insurance for Risk Managers Basics of the National Flood Insurance Program August 20, 2012 Susan W. Wilson DHS/FEMA Region IV NFIP Created by National Flood Insurance Act of 1968 THIS Adopt a local

More information

LOWEST FLOOR GUIDE I. LOWEST FLOOR DETERMINATION

LOWEST FLOOR GUIDE I. LOWEST FLOOR DETERMINATION LOWEST FLOOR GUIDE This section is to be used as a guide for identifying the lowest floor for rating buildings being considered for coverage under the National Flood Insurance Program (NFIP). I. LOWEST

More information

SPECIFIC RATING GUIDELINES

SPECIFIC RATING GUIDELINES NATIONAL FLOOD INSURANCE PROGRAM SPECIFIC RATING GUIDELINES April 2015 FEDERAL EMERGENCY MANAGEMENT AGENCY FEDERAL INSURANCE AND MITIGATION ADMINISTRATION RISK INSURANCE DIVISION UNDERWRITING BRANCH This

More information

Changes Coming to the National Flood Insurance Program What to Expect Impact of changes to the NFIP under Section 205 of the Biggert-Waters Act

Changes Coming to the National Flood Insurance Program What to Expect Impact of changes to the NFIP under Section 205 of the Biggert-Waters Act Changes Coming to the National Flood Insurance Program What to Expect Impact of changes to the NFIP under Section 205 of the Biggert-Waters Act Joe Cecil, Federal Insurance and Mitigation Administration

More information

Changing Flood Maps: A Guide for Homeowners and Consumers

Changing Flood Maps: A Guide for Homeowners and Consumers Changing Flood Maps: A Guide for Homeowners and Consumers The flood maps in your community are being changed. What does this mean to you? Flood maps, also known as Flood Insurance Rate Maps or FIRMs, are

More information

Changes Coming to the National Flood Insurance Program What to Expect. Impact of changes to the NFIP under Section 205 of the Biggert-Waters Act

Changes Coming to the National Flood Insurance Program What to Expect. Impact of changes to the NFIP under Section 205 of the Biggert-Waters Act Changes Coming to the National Flood Insurance Program What to Expect Impact of changes to the NFIP under Section 205 of the Biggert-Waters Act Why the Changes to the NFIP? 1968: Congress created the NFIP

More information

Overview. Homeowner Flood Insurance Affordability Act

Overview. Homeowner Flood Insurance Affordability Act Homeowner Flood Insurance Affordability Act Overview On March 21, 2014, President Obama signed the Homeowner Flood Insurance Affordability Act of 2014 into law. This law repeals and modifies certain provisions

More information

Consumer Education Campaign on Flood Risk, Maps and Insurance. Info Session and Q&A May 9, 2014

Consumer Education Campaign on Flood Risk, Maps and Insurance. Info Session and Q&A May 9, 2014 Consumer Education Campaign on Flood Risk, Maps and Insurance Info Session and Q&A May 9, 2014 Agenda Issue Overview Flood Maps Flood Insurance RFP Overview Tasks Timeline Evaluation Criteria Submission

More information

1. GENERAL ADVISORY BASE FLOOD ELEVATION (ABFE) QUESTIONS

1. GENERAL ADVISORY BASE FLOOD ELEVATION (ABFE) QUESTIONS INTRODUCTION As communities begin to recover from the devastating effects of Hurricane Sandy, it is important to recognize lessons learned and to employ mitigation actions that ensure structures are rebuilt

More information

Please see Section IX. for Additional Information:

Please see Section IX. for Additional Information: The Florida Senate BILL ANALYSIS AND FISCAL IMPACT STATEMENT (This document is based on the provisions contained in the legislation as of the latest date listed below.) BILL: CS/SB 1094 Prepared By: The

More information

LOWEST FLOOR GUIDE I. LOWEST FLOOR DETERMINATION

LOWEST FLOOR GUIDE I. LOWEST FLOOR DETERMINATION Previous Section Main Menu Table of Contents Next Section This section is to be used as a guide for identifying the lowest floor for rating buildings being considered for coverage under the National Flood

More information

Changes Coming to the National Flood Insurance Program What to Expect. Impact of changes to the NFIP under Section 205 of the Biggert-Waters Act

Changes Coming to the National Flood Insurance Program What to Expect. Impact of changes to the NFIP under Section 205 of the Biggert-Waters Act Changes Coming to the National Flood Insurance Program What to Expect Impact of changes to the NFIP under Section 205 of the Biggert-Waters Act Changes are Coming to the NFIP Congress passed the Flood

More information

LOWEST FLOOR GUIDE I. LOWEST FLOOR DETERMINATION. Previous Section Table of Contents

LOWEST FLOOR GUIDE I. LOWEST FLOOR DETERMINATION. Previous Section Table of Contents Previous Section Table of Contents Next Section This section is to be used as a guide for identifying the lowest floor for rating buildings being considered for coverage under the National Flood Insurance

More information

STATEMENT BEFORE THE COMMITTEE ON SMALL BUSINESS AND ENTREPRENEURSHIP U.S. SENATE NEW ORLEANS, LA

STATEMENT BEFORE THE COMMITTEE ON SMALL BUSINESS AND ENTREPRENEURSHIP U.S. SENATE NEW ORLEANS, LA STATEMENT OF BRAD KIESERMAN DEPUTY ASSOCIATE ADMINISTRATOR FOR INSURANCE FEDERAL INSURANCE AND MITIGATION ADMINISTRATION FEDERAL EMERGENCY MANAGEMENT AGENCY U.S. DEPARTMENT OF HOMELAND SECURITY ROY WRIGHT

More information

CONDOMINIUMS. Important Notice to Agents:

CONDOMINIUMS. Important Notice to Agents: CONDOMINIUMS Important Notice to Agents: Boards of Directors of condominium associations typically are responsible under their by-laws for maintaining all forms of property insurance necessary to protect

More information

Flood Insurance Coverage/Rates Summary Excerpted From Unit 9 of Managing Floodplain Development Through the National Flood Insurance Program

Flood Insurance Coverage/Rates Summary Excerpted From Unit 9 of Managing Floodplain Development Through the National Flood Insurance Program Flood Insurance Coverage/Rates Summary Excerpted From Unit 9 of Managing Floodplain Development Through the National Flood Insurance Program Amount of coverage Insurance rates for all buildings are based

More information

Flood Insurance Rating: Facts and Factors. Jana Green, CFM 2013 NJAFM Annual Conference October 17, 2013 Concurrent Session #3

Flood Insurance Rating: Facts and Factors. Jana Green, CFM 2013 NJAFM Annual Conference October 17, 2013 Concurrent Session #3 Flood Insurance Rating: Facts and Factors Jana Green, CFM 2013 NJAFM Annual Conference October 17, 2013 Concurrent Session #3 Purpose of Presentation THIS PRESENTATION IS INTENDED TO PROVIDE: A clear and

More information

Homeowner Flood Insurance Affordability Act of 2014 Section by Section Summary

Homeowner Flood Insurance Affordability Act of 2014 Section by Section Summary Homeowner Flood Insurance Affordability Act of 2014 Section by Section Summary On March 21, 2014, President Obama signed into law the Homeowner Flood Insurance Affordability Act of 2014 (HIFAA) (P.L. 113-89).

More information

Answers to Questions. For Property Owners Remapped Into Higher-Risk Flood Areas

Answers to Questions. For Property Owners Remapped Into Higher-Risk Flood Areas Answers to Questions For Property Owners Remapped Into Higher-Risk Flood Areas You have just been informed that the structure on your property may have been mapped into a higher risk flood zone, known

More information

June 27, 2013. Write Your Own (WYO) Principal Coordinators and the National Flood Insurance Program (NFIP) Servicing Agent

June 27, 2013. Write Your Own (WYO) Principal Coordinators and the National Flood Insurance Program (NFIP) Servicing Agent U.S. Department of Homeland Security 500 C Street, SW Washington, DC 20472 W-13039a June 27, 2013 MEMORANDUM FOR: FROM: SUBJECT: Write Your Own (WYO) Principal Coordinators and the National Flood Insurance

More information

LOWEST FLOOR GUIDE I. LOWEST FLOOR DETERMINATION

LOWEST FLOOR GUIDE I. LOWEST FLOOR DETERMINATION This section is to be used as a guide for identifying the lowest floor for rating buildings being considered for coverage under the National Flood Insurance Program. I. LOWEST FLOOR DETERMINATION The following

More information

HOMEOWNER FLOOD INSURANCE AFFORDABILITY ACT KEY PROVISIONS OF SENATE AND HOUSE MEASURES

HOMEOWNER FLOOD INSURANCE AFFORDABILITY ACT KEY PROVISIONS OF SENATE AND HOUSE MEASURES Pre-FIRM Properties 1 actuarial costs Pushes pre-firm subsidized primary residences to full risk rates upon sale or lapse of policy years annual premium insurance rate increases associated with the sale

More information

Ten Commonly Asked Questions about the Recent Flood Insurance Changes under the Biggert-Waters Act

Ten Commonly Asked Questions about the Recent Flood Insurance Changes under the Biggert-Waters Act Ronald L. Weaver 401 East Jackson Street, Suite 2200 Post Office Box 3299 Tampa, FL 33601 Direct: (813) 222-5002 Fax: (813) 222-5019 Email: rweaver@stearnsweaver.com Ten Commonly Asked Questions about

More information

Introduction to the National Flood Insurance Program: A Guide for Coastal Property Owners

Introduction to the National Flood Insurance Program: A Guide for Coastal Property Owners Introduction to the National Flood Insurance Program: A Guide for Coastal Property Owners Maine Beaches Conference 2015 Sue Baker, CFM State NFIP Coordinator sue.baker@maine.gov 207-287-8063 NFIP Goal:

More information

Testimony of Tom Woods President, Woods Custom Homes On Behalf of the National Association of Home Builders

Testimony of Tom Woods President, Woods Custom Homes On Behalf of the National Association of Home Builders Testimony of Tom Woods President, Woods Custom Homes On Behalf of the National Association of Home Builders Before the House Financial Services Committee Subcommittee on Housing and Insurance Hearing on

More information

Hazard Mitigation Grant Program (HMGP) Elevation Grant

Hazard Mitigation Grant Program (HMGP) Elevation Grant Hazard Mitigation Grant Program (HMGP) Elevation Grant FAQ 1. What is the Hazard Mitigation Grant Program (HMGP) Elevation Grant? The HMGP Elevation Grant is a reimbursement grant program. The goal of

More information

Town of Hingham. Changes to Flood Insurance Rate Maps and Flood Insurance Costs Frequently Asked Questions

Town of Hingham. Changes to Flood Insurance Rate Maps and Flood Insurance Costs Frequently Asked Questions Town of Hingham 1. What is a floodplain? Changes to Flood Insurance Rate Maps and Flood Insurance Costs Frequently Asked Questions A floodplain is an area of land where water collects, pools and flows

More information

April 3, 2014. Write Your Own (WYO) Principal Coordinators and the National Flood Insurance Program (NFIP) Servicing Agent

April 3, 2014. Write Your Own (WYO) Principal Coordinators and the National Flood Insurance Program (NFIP) Servicing Agent U.S. Department of Homeland Security 500 C Street, SW Washington, DC 20472 W-14011 April 3, 2014 MEMORANDUM FOR: Write Your Own (WYO) Principal Coordinators and the National Flood Insurance Program (NFIP)

More information

Elevations Certificates: Update 2009 Presented by Wendy Lathrop, PLS, CFM

Elevations Certificates: Update 2009 Presented by Wendy Lathrop, PLS, CFM Elevations Certificates: Update 2009 Presented by Wendy Lathrop, PLS, CFM The objectives of the National Flood Insurance Program (NFIP): Reduce the exposure to flood damages through the use of minimum

More information

National Flood Insurance Program Summary of Coverage

National Flood Insurance Program Summary of Coverage National Flood Insurance Program Summary of Coverage FEMA F-679 / November 2012 This document was prepared by the National Flood Insurance Program (NFIP) to help you understand your flood insurance policy.

More information

1. Why is Lee County getting new flood hazard maps? 3. What are the benefits of the new flood hazard maps?

1. Why is Lee County getting new flood hazard maps? 3. What are the benefits of the new flood hazard maps? 1. Why is Lee County getting new flood hazard maps? Flood hazard maps, also known as Flood Insurance Rate Maps (FIRMs), are important tools in the effort to protect lives and property. They indicate the

More information

National Flood Insurance Program Updates

National Flood Insurance Program Updates Review of Current Legislation Homeowners Flood Insurance Affordability Act of 2014 Date of enactment March 21, 2014 Purpose of the legislation The law repeals and modifies certain provisions of the Biggert-Waters

More information

National Flood Insurance Program. April 1, 2015, Program Changes: A Summary

National Flood Insurance Program. April 1, 2015, Program Changes: A Summary National Flood Insurance Program April 1, 2015, Program Changes: A Summary This bulletin implements more of the required changes to the rate structure and some of the business practices with the NFIP as

More information

Flood Insurance Changes Come to Virginia Wetlands Watch, October 2013

Flood Insurance Changes Come to Virginia Wetlands Watch, October 2013 Flood Insurance Changes Come to Virginia Wetlands Watch, October 2013 Major changes to the National Flood Insurance Program (NFIP), including rate increases that will affect many Middle Peninsula residents,

More information

More Changes Coming to the National Flood Insurance Program What to Expect

More Changes Coming to the National Flood Insurance Program What to Expect More Changes Coming to the National Flood Insurance Program What to Expect Impact of changes to the NFIP under Homeowner Flood Insurance Affordability Act of 2014 More Changes are Coming to the NFIP On

More information

Please see Section IX. for Additional Information:

Please see Section IX. for Additional Information: The Florida Senate BILL ANALYSIS AND FISCAL IMPACT STATEMENT (This document is based on the provisions contained in the legislation as of the latest date listed below.) BILL: CS/SB 1094 Prepared By: The

More information

Flood Insurance. NFIP Flood Insurance

Flood Insurance. NFIP Flood Insurance Flood Insurance 11 Flood insurance is essential in helping people repair, recover, rebuild, and even install some retrofitting measures. Flood insurance has many advantages, especially for people in areas

More information

The Changing Landscape of the National Flood Insurance Program: A Federal Perspective. Niki L. Pace *

The Changing Landscape of the National Flood Insurance Program: A Federal Perspective. Niki L. Pace * The Changing Landscape of the National Flood Insurance Program: A Federal Perspective Niki L. Pace * In the last few years, the National Flood Insurance Program (NFIP) has seen changes at both the legislative

More information

CITY OF BELLEAIR BEACH, FLORIDA

CITY OF BELLEAIR BEACH, FLORIDA CITY OF BELLEAIR BEACH, FLORIDA FLOOD INSURANCE INFORMATION Important Information for City of Belleair Beach Residents and Property Owners Regarding Flood, Risk, Insurance, Preparation, Evacuation, Safety

More information

Preferred Risk Policy Eligibility Extension

Preferred Risk Policy Eligibility Extension AGENT FACT SHEET A New Low-Cost Flood Insurance Option The Federal Emergency Management Agency (FEMA) introduces a new flood insurance rating option for the National Flood Insurance Program (NFIP) to help

More information

APRIL 2013 BIGGERT-WATERS SPECIAL EDITION

APRIL 2013 BIGGERT-WATERS SPECIAL EDITION News from Region X Inside this Issue April 2013 Volume 3, Issue 5 SPECIAL EDITION Biggert-Waters Reform Biggert-Waters Reform The National Flood Insurance Program (NFIP), administered by the Department

More information

Changes Coming to the National Flood Insurance Program What to Expect

Changes Coming to the National Flood Insurance Program What to Expect Changes Coming to the National Flood Insurance Program What to Expect Impact of changes to the NFIP under the Biggert-Waters Act Norm Ashford 303-235-4912 Norman.ashford@dhs.gov Erin May 303-299-7873 emay@ostglobal.com

More information

Changes to the National Flood Insurance Program What to Expect

Changes to the National Flood Insurance Program What to Expect Changes to the National Flood Insurance Program What to Expect Impact of changes to the NFIP under Homeowner Flood Insurance Affordability Act of 2014 More Changes are Coming to the NFIP On March 21, 2014,

More information

Agenda. Presenter. The Current Form. Adobe Fillable Form. Elevation Certificates FEMA Form 81-31. Elevation Certificates Training 11/14/2013

Agenda. Presenter. The Current Form. Adobe Fillable Form. Elevation Certificates FEMA Form 81-31. Elevation Certificates Training 11/14/2013 NORFMA Floodplain Conference November 14, 2013 Boise, Idaho Agenda Introductions & Housekeeping Overview Basics of FEMA Form 81-31 Building Diagrams Exercise Common Errors Using ECs in Floodplain Development

More information

A Guide to New National Flood Maps & New National Flood Insurance Program Premiums and Requirements

A Guide to New National Flood Maps & New National Flood Insurance Program Premiums and Requirements For Property Owners in Red Hook, Sunset Park, and Gowanus A Guide to New National Flood Maps & New National Flood Insurance Program Premiums and Requirements From the FEMA video, FEMA Region 2 Coastal

More information

Changes to the National Flood Insurance Program What to Expect

Changes to the National Flood Insurance Program What to Expect Changes to the National Flood Insurance Program What to Expect Impact of changes to the NFIP under Homeowner Flood Insurance Affordability Act of 2014 October 2014 Key Priorities FEMA continues to analyze

More information

Flood Insurance Secrets That Most Agents Won t Tell You and Most People Don t Find Out Until It s Too Late!

Flood Insurance Secrets That Most Agents Won t Tell You and Most People Don t Find Out Until It s Too Late! Flood Insurance Secrets That Most Agents Won t Tell You and Most People Don t Find Out Until It s Too Late! By Scott Kirby, Licensed Insurance Agent and Consumer Advocate In this report, you will discover

More information

Floodplain 8-Step Process in accordance with Executive Order 11988: Floodplain Management. New Jersey Department of Environmental Protection

Floodplain 8-Step Process in accordance with Executive Order 11988: Floodplain Management. New Jersey Department of Environmental Protection Floodplain 8-Step Process in accordance with Executive Order 11988: Floodplain Management New Jersey Department of Environmental Protection U.S. Department of Housing and Urban Development Community Development

More information

PRELIMINARY DIGITAL FLOOD INSURANCE RATE MAPS (DFIRM)

PRELIMINARY DIGITAL FLOOD INSURANCE RATE MAPS (DFIRM) INTRODUCTION This Mississippi Guidance document has been prepared to explain to community officials how the Preliminary Digital Flood Insurance Rate Maps (DFIRMs) and Preliminary Flood Insurance Study

More information

Relationship between Floodplain Management and Flood Insurance

Relationship between Floodplain Management and Flood Insurance Relationship between Floodplain Management and Flood Insurance The National Flood Insurance Program [is] a voluntary program based on a mutual agreement between the Federal government and the local community:

More information

ATTACHMENT A SUMMARY OF THE NFIP PROGRAM CHANGES EFFECTIVE APRIL 1, 2016

ATTACHMENT A SUMMARY OF THE NFIP PROGRAM CHANGES EFFECTIVE APRIL 1, 2016 ATTACHMENT A SUMMARY OF THE NFIP PROGRAM CHANGES EFFECTIVE APRIL 1, 2016 National Flood Insurance Program April 1, 2016, Program Changes: A Summary The changes outlined in this bulletin apply to new business

More information

Flood Insurance Myths and Truths

Flood Insurance Myths and Truths Flood Insurance Myths and Truths If your home is damaged in a flood, are you covered? That depends on the value of your home, the level of water damage and whether you have flood insurance. Regular homeowner

More information

CFM REVIEW COURSE UNIT 8: SUBSTANTIAL IMPROVEMENT AND SUBSTANTIAL DAMAGE

CFM REVIEW COURSE UNIT 8: SUBSTANTIAL IMPROVEMENT AND SUBSTANTIAL DAMAGE CFM REVIEW COURSE UNIT 8: SUBSTANTIAL IMPROVEMENT AND SUBSTANTIAL DAMAGE SUBSTANTIAL IMPROVEMENT & SUBSTANTIAL DAMAGE SUBSTANTIAL IMPROVEMENTS/DAMAGE Substantial Improvement means any reconstruction, rehabilitation,

More information

Flood Maps are Changing

Flood Maps are Changing Flood Maps are Changing What Real Estate Agents Should Know Mississippi coastal counties will soon enter a new era. The Mississippi Coastal Flood Study, undertaken by the Federal Emergency Management Agency

More information

National Flood Insurance Program Insurance Agent s Lowest Floor Guide

National Flood Insurance Program Insurance Agent s Lowest Floor Guide National Flood Insurance Program Insurance Agent s Lowest Floor Guide Insurance Agent s Lowest Floor Guide PUTTING IT INTO PERSPECTIVE Sections A and C of the 2009 Elevation Certificate provide fields

More information

National Flood Insurance Program (NFIP) Overview A Local Government How to Guide

National Flood Insurance Program (NFIP) Overview A Local Government How to Guide National Flood Insurance Program (NFIP) Overview A Local Government How to Guide William R. Whitson, IMCA-CM Managing Director Local Government Visions, LLC wwwhitson@aol.com Danny Hinson, CFM, FPEM Florida

More information

Finances. Table 1: Insured Policies. 2005, Center on Federal Financial Institutions 3

Finances. Table 1: Insured Policies. 2005, Center on Federal Financial Institutions 3 The Center on Federal Financial Institutions (COFFI) is a nonprofit, nonpartisan, nonideological policy institute focused on federal insurance and lending activities. original issue date: August 10, 2005,

More information

Repairs, Remodeling, Additions, and Retrofitting

Repairs, Remodeling, Additions, and Retrofitting Repairs, Remodeling, Additions, and Retrofitting HOME BUILDER S GUIDE TO COASTAL CONSTRUCTION FEMA 499/August 2005 Technical Fact Sheet No. 30 Purpose: To outline National Flood Insurance Program (NFIP)

More information

Substantial Improvement/Substantial Damage for Floodplain Administrators Mitigation Fact Sheet

Substantial Improvement/Substantial Damage for Floodplain Administrators Mitigation Fact Sheet Substantial Improvement/Substantial Damage for Floodplain Administrators Mitigation Fact Sheet Substantial Improvement/Substantial Damage are everyday issues, not just post-disaster; and they apply to

More information

Sandy s Effects on Housing in New York City

Sandy s Effects on Housing in New York City MARCH 2013 FACT BRIEF Effects on Housing in New York City Four months after Superstorm Sandy, New Yorkers continue to pick up the pieces and rebuild. Sandy devastated many parts of the city, including

More information

Ignoring Flood Insurance Equals an E & O Exposure

Ignoring Flood Insurance Equals an E & O Exposure Ignoring Flood Insurance Equals an E & O Exposure Picture Courtesy of FEMA Photo Library Quick Reference - National Flood Insurance Program This is intended for overview purposes only. For complete underwriting

More information

Substantial Improvement/Substantial Damage

Substantial Improvement/Substantial Damage Substantial Improvement/Substantial Damage Substantial improvement means any reconstruction, rehabilitation, addition or other improvement of a structure, the cost of which equals or exceeds 50% of the

More information

Abel Insurance Agency

Abel Insurance Agency After a wildfire, people may have questions about their insurance coverage. The Insurance Information Institute offers answers to some of these basic questions. HOMEOWNERS COVERAGE Q. If my house burns

More information

More Changes Coming to the National Flood Insurance Program What to Expect

More Changes Coming to the National Flood Insurance Program What to Expect More Changes Coming to the National Flood Insurance Program What to Expect Homeowner Flood Insurance Affordability Act 2014 April 2015 Changes Mark Lujan, CFM, ANFI Biggert Waters Reform Act Targets: Section

More information

Flood Insurance Repetitive Loss Property

Flood Insurance Repetitive Loss Property Flood Insurance Repetitive Loss Property When our system of canals, ditches and culverts was built over 20 years ago, it could handle all but the largest tropical storms and hurricanes; since then, urban

More information

Duplication of Benefits DRAFT Submitted to HUD: July 3, 2013

Duplication of Benefits DRAFT Submitted to HUD: July 3, 2013 Duplication of Benefits DRAFT Submitted to HUD: July 3, 2013 Introduction This duplication of benefit plan explains methods and procedures to prevent the duplication of benefits, as required by the Robert

More information

STATEMENT BEFORE THE COMMITTEE ON SMALL BUSINESS AND ENTREPRENEURSHIP U.S. SENATE WASHINGTON, D.C.

STATEMENT BEFORE THE COMMITTEE ON SMALL BUSINESS AND ENTREPRENEURSHIP U.S. SENATE WASHINGTON, D.C. STATEMENT OF ROY WRIGHT DEPUTY ASSOCIATE ADMINISTRATOR FEDERAL INSURANCE AND MITIGATION ADMINISTRATION FEDERAL EMERGENCY MANAGEMENT AGENCY U.S. DEPARTMENT OF HOMELAND SECURITY BEFORE THE COMMITTEE ON SMALL

More information

PREFERRED RISK POLICY

PREFERRED RISK POLICY Previous Section Table of Contents Next Section PREFERRED RISK POLICY I. GENERAL DESCRIPTION The Preferred Risk Policy (PRP) is a Standard Fld Insurance Policy (SFIP), written using the Dwelling Form or

More information

And Flood Resilient Design in Austin, Texas

And Flood Resilient Design in Austin, Texas And Flood Resilient Design in Austin, Texas The good, the bad and the ugly; What does this video show us? Riverine Flooding versus Flash Flooding Flash Flood Alley Stretches along the I 35 corridor between

More information

NATIONAL FLOOD INSURANCE PROGRAM (NFIP): THE BASICS & UPDATE

NATIONAL FLOOD INSURANCE PROGRAM (NFIP): THE BASICS & UPDATE May 19, 2015 NATIONAL FLOOD INSURANCE PROGRAM (NFIP): THE BASICS & UPDATE ON THE CURRENT STATE Mary-Carson Stiff, JD, CFM Shannon Hulst Jarbeau, CFM Closing the Deal: How to respond to the new realities

More information

Division of Water Frequently asked floodplain questions

Division of Water Frequently asked floodplain questions Division of Water Frequently asked floodplain questions Q: Where can I find copies of the floodplain mapping? A: Local floodplain administrators will have copies of the FEMA mapping. (Generally the local

More information

Understanding the National Flood Insurance Program (NFIP)in Georgia Jeff Brady September 10, 2015 2:45 PM 4:15 PM

Understanding the National Flood Insurance Program (NFIP)in Georgia Jeff Brady September 10, 2015 2:45 PM 4:15 PM Education Session H Understanding the National Flood Insurance Program (NFIP)in Georgia Jeff Brady September 10, 2015 2:45 PM 4:15 PM GREC Course Code # 66076 / 66077 / 66078 You must attend two 1½-hour

More information

REBUILDING BELMAR ABFE FLOOD MAPS &THE REBUILDING PROCESS

REBUILDING BELMAR ABFE FLOOD MAPS &THE REBUILDING PROCESS REBUILDING BELMAR ABFE FLOOD MAPS &THE REBUILDING PROCESS REBUILDING BELMAR ABFE Maps Preliminary FIRM Maps Flood Insurance Increased Cost of Compliance (ICC) Elevation of Structures Building Permits Acronyms

More information

HAZARD MITIGATION ASSISTANCE (HMA) TOOL FOR IDENTIFYING DUPLICATION OF BENEFITS

HAZARD MITIGATION ASSISTANCE (HMA) TOOL FOR IDENTIFYING DUPLICATION OF BENEFITS HAZARD MITIGATION ASSISTANCE (HMA) TOOL FOR IDENTIFYING DUPLICATION OF BENEFITS Hazard Mitigation Grant Program, Pre-Disaster Mitigation Program, Flood Mitigation Assistance Program October 2012 INTRODUCTION

More information

QUESTIONS AND ANSWERS REGARDING PARTICIPATION IN THE NATIONAL FLOOD INSURANCE PROGRAM

QUESTIONS AND ANSWERS REGARDING PARTICIPATION IN THE NATIONAL FLOOD INSURANCE PROGRAM QUESTIONS AND ANSWERS REGARDING PARTICIPATION IN THE NATIONAL FLOOD INSURANCE PROGRAM 1. What are the consequences of not joining the NFIP? Specifically regarding FEMA reimbursement funds and damage to

More information

National Flood Insurance Program, Mitigation and the Community Rating System

National Flood Insurance Program, Mitigation and the Community Rating System National Flood Insurance Program, Mitigation and the Community Rating System 2015 Preparedness Conference August 25, 2015 BACKGROUND National Flood Insurance Program (NFIP) Provides flood insurance to

More information

ASFPM Side-by-Side Comparison and Comments on NFIP Reform Bills

ASFPM Side-by-Side Comparison and Comments on NFIP Reform Bills ASFPM Side-by-Side Comparison and Comments on NFIP Reform Bills HR 1309 and Committee Passed Senate Bill Topic House Summary Senate Summary ASFPM Comment General - Reauthorization of the NFIP for 5 years

More information

CHAPTER 3 page 69 LOCAL FLOODPLAIN REGULATIONS AND NFIP STANDARDS

CHAPTER 3 page 69 LOCAL FLOODPLAIN REGULATIONS AND NFIP STANDARDS CHAPTER 3 page 69 LOCAL FLOODPLAIN REGULATIONS AND NFIP STANDARDS LOCAL FLOODPLAIN REGULATIONS AND NFIP STANDARDS, page 69 THE PARTICIPATION OF A COMMUNITY IN THE NFIP IS MADE POSSIBLE BY ITS ADOPTION

More information

Testimony of. Jerry Passman Passman Homes, Inc. On Behalf of the. Louisiana Home Builder s Association

Testimony of. Jerry Passman Passman Homes, Inc. On Behalf of the. Louisiana Home Builder s Association Testimony of Jerry Passman Passman Homes, Inc. On Behalf of the Louisiana Home Builder s Association Field Hearing Before the U.S. Senate Committee on Small Business and Entrepreneurship May 1, 2015 Jerry

More information

GENERAL CHANGE ENDORSEMENT

GENERAL CHANGE ENDORSEMENT GENERAL CHANGE ENDORSEMENT I. USE OF THE FORM The National Flood Insurance Program (NFIP) General Change Endorsement form or a similar request can be used to make certain types of coverage and rating changes

More information

April 15, 2014. Write Your Own (WYO) Principal Coordinators and the National Flood Insurance Program (NFIP) Servicing Agent

April 15, 2014. Write Your Own (WYO) Principal Coordinators and the National Flood Insurance Program (NFIP) Servicing Agent U.S. Department of Homeland Security 500 C Street, SW Washington, DC 20472 W-14014 April 15, 2014 MEMORUM FOR: Write Your Own (WYO) Principal Coordinators and the National Flood Insurance Program (NFIP)

More information

NFIP LOWEST FLOOR GUIDE ABRIDGED

NFIP LOWEST FLOOR GUIDE ABRIDGED NFIP LOWEST FLOOR GUIDE ABRIDGED National Flood Insurance Program SCROLL DOWN 1 NFIP LOWEST FLOOR GUIDE QUICK REFERENCE This is an abridged version of the 2013 Flood Insurance Manual Lowest Floor Guide.

More information

Myths and Facts about the NFIP

Myths and Facts about the NFIP Chapter 4: After the Disaster How the NFIP Works Who needs flood insurance? Everyone. And everyone in a participating community of the National Flood Insurance Program (NFIP) can buy flood insurance. More

More information

Elevator Installation for Buildings Located in Special Flood Hazard Areas in accordance with the National Flood Insurance Program

Elevator Installation for Buildings Located in Special Flood Hazard Areas in accordance with the National Flood Insurance Program Elevator Installation for Buildings Located in Special Flood Hazard Areas in accordance with the National Flood Insurance Program FEDERAL EMERGENCY MANAGEMENT AGENCY FEDERAL INSURANCE ADMINISTRATION FIA-TB-4

More information

Landlord Rental Repair Program

Landlord Rental Repair Program Landlord Rental Repair Program 1. What is the Landlord Rental Repair Program? The Landlord Rental Repair Program (LRRP) is designed to restore rental properties that were damaged by Superstorm Sandy. In

More information

FLOOD MITIGATION Hampton Roads. MICHAEL VERNON Director of Business Development

FLOOD MITIGATION Hampton Roads. MICHAEL VERNON Director of Business Development FLOOD MITIGATION Hampton Roads MICHAEL VERNON Director of Business Development Changing weather patterns Bigger, stronger storms Rising sea levels Long term erosion Poor building decisions FLOODMAP Elevation

More information

With a combination of soaking rain, flying debris, high winds, and tidal surges, Hurricanes and tropical storms can pack a powerful punch.

With a combination of soaking rain, flying debris, high winds, and tidal surges, Hurricanes and tropical storms can pack a powerful punch. With a combination of soaking rain, flying debris, high winds, and tidal surges, Hurricanes and tropical storms can pack a powerful punch. Besides causing extensive damage in coastal areas, hurricanes

More information

Producer Name. Producer Street Address. Producer City/State/Zipcode. Producer Phone Number. Producer Number. Insured s Name: Mailing Address:

Producer Name. Producer Street Address. Producer City/State/Zipcode. Producer Phone Number. Producer Number. Insured s Name: Mailing Address: Excess Flood Insurance Policy Application Policy Form House Condominium Cooperative Other permanent structure Policy Type New Endorsement Underlying Flood Policy #: Requested Policy Effective Date: 12:01

More information

Affordability of the National Flood Insurance Program: Application to Charleston County, South Carolina

Affordability of the National Flood Insurance Program: Application to Charleston County, South Carolina Affordability of the National Flood Insurance Program: Application to Charleston County, South Carolina Wendy Zhao The Wharton School University of Pennsylvania Howard Kunreuther The Wharton School University

More information

2014 Delaware Ordinance Workshops and assistance. Higher Standards identified by Delaware Senate Bill 64

2014 Delaware Ordinance Workshops and assistance. Higher Standards identified by Delaware Senate Bill 64 INCREASING FLOOD RESILIENCY THROUGHT IMPROVED FLOOD CODES Michael S. Powell, Hazard Mitigation Program Manager, DNREC New Coastal Study and Floodplain Maps 2014 Delaware Ordinance Workshops and assistance

More information

Insurance Questions: Clothes washers and dryers, food freezers and the food in them are covered if there is contents coverage.

Insurance Questions: Clothes washers and dryers, food freezers and the food in them are covered if there is contents coverage. Introduction: Floods occur when runoff from rain or snowmelt exceeds the capacity of rivers, stream channels or lakes and overflows onto adjacent land. Floods can also be caused by storm surges and waves

More information