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

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

2 Purpose of Presentation THIS PRESENTATION IS INTENDED TO PROVIDE: A clear and high-level explanation of how National Flood Insurance Program (NFIP) flood insurance premiums are calculated THIS PRESENTATION IS NOT INTENDED TO PROVIDE: Answers to Biggert-Waters 2012 (BW12) mysteries NFIP coverage and claim information Policy cancellation/nullification/endorsement information 2 Flood Insurance Rating: Facts and Factors October 17, 2013

3 Topics of Discussion Information Needed to Rate a NFIP Flood Insurance Policy Overview of Premium Calculation Breakdown of Premium Calculation Preferred Risk Policies Pre-FIRM Post-FIRM NFIP Flood Insurance Rating References 3 Flood Insurance Rating: Facts and Factors October 17, 2013

4 NFIP A program which makes flood insurance available within participating communities Flexibility exists within the program so flood insurance is based on workable methods of pooling risks, minimizing costs, and distributing burdens equitably among those who would be protected by flood insurance 4 Flood Insurance Rating: Facts and Factors October 17, 2013

5 Before a Policy Can Be Rated NFIP participating community? Pre-FIRM construction or post-firm construction? Detailed building description and replacement cost Flood zone and building elevation data; CBRS area? Non-Principal/Non-Primary residence? Severe Repetitive Loss (SRL) property? Where are the building and contents located? New/lapsed policy? Loss history? CRS discount? Other deductible chosen? 5 Flood Insurance Rating: Facts and Factors October 17, 2013

6 6 Flood Insurance Rating: Facts and Factors October 17, 2013 Click for Source

7 Premium Calculation 1. Determine rate and multiply by $100 of coverage 2. Subtract deductible discount, if applicable 3. Add Increased Cost of Compliance (ICC) premium 4. Subtract Community Rating System (CRS) discount 5. Add 5% Federal Reserve Fund Assessment 6. Add probation surcharge, if applicable 7. Add Federal Policy Fee 7 Flood Insurance Rating: Facts and Factors October 17, 2013

8 Preferred Risk Policy (PRP) A lower-cost standard flood insurance policy for structures located in Zones B, C, and X Loss history cannot exceed: 2 separate flood insurance claims or disaster relief payments of at least $1000 each 3 or more separate flood insurance claims or disaster relief payments of any amount 1 claim and 1 disaster relief payment, each for separate losses, of at least $1000 each 8 Flood Insurance Rating: Facts and Factors October 17, 2013

9 Sample PRP Table 9 Flood Insurance Rating: Facts and Factors October 17, 2013

10 Preferred Risk Policy Extension Applies to buildings newly shown in Special Flood Hazard Areas on or after October 1, 2008 Buildings must meet Preferred Risk Policy loss history requirements Historic FIRM must be provided 10 Flood Insurance Rating: Facts and Factors October 17, 2013

11 Sample PRP Extension Table 11 Flood Insurance Rating: Facts and Factors October 17, 2013

12 Basic vs. Additional Coverage Basic Insurance Limits are calculated first Additional Insurance Limits are added to Basic Insurance Limits until Total Insurance Limits are reached Applies to both building and contents coverage; pre- FIRM and post-firm 12 Flood Insurance Rating: Facts and Factors October 17, 2013

13 Pre-FIRM vs. Post-FIRM Pre-FIRM Built before initial FIRM or On or before 12/31/1974 Post-FIRM Built after initial FIRM or After 12/31/1974 whichever is LATER 13 Flood Insurance Rating: Facts and Factors October 17, 2013

14 Pre-FIRM Policy Rating Rate for a single family home; $250,000 building and $100,000 contents; with basement Building Basic = $0.97 x 600 = $582 Building Additional = $1.14 x 1900 = $2166 Contents Basic = $1.15 x 250 = $288 Contents Additional $1.16 x 750 = $870 Subtotal = $ Flood Insurance Rating: Facts and Factors October 17, 2013

15 Elevation Certificate Provides building elevations and other building specifications Required for all post-firm and fullrisk rated pre-firm structures located in SFHAs Can be completed by property owner or community official for Zone A structures if no BFE is available Can be completed by property owner or community official for Zone AO structures 15 Flood Insurance Rating: Facts and Factors October 17, 2013

16 Lowest Floor Guide Uses information from the Elevation Certificate to determine the elevation used for rating a flood insurance policy 16 Flood Insurance Rating: Facts and Factors October 17, 2013

17 17 Flood Insurance Rating: Facts and Factors October 17, 2013

18 Elevation Difference FOR MOST FLOOD HAZARD ZONES: Lowest Floor Elevation (LFE) - Base Flood Elevation (BFE) = Elevation Difference LFE determined using Lowest Floor Guide; BFE determined using the Flood Insurance Rate Map and Flood Insurance Study 18 Flood Insurance Rating: Facts and Factors October 17, 2013

19 Elevation Difference FOR ZONE A AND ZONE AO: Top of Bottom Floor (TOBF) - Highest Adjacent Grade (HAG) = Elevation Difference TOBF and HAG found on the Elevation Certificate 19 Flood Insurance Rating: Facts and Factors October 17, 2013

20 Post-FIRM Rating: Zone AE, A1-30 Rate for a single family home; $250k building; 3 floors with basement; elevation difference = -1 Building Basic = $2.28 x 600 = $1368 Building Additional = $0.41 x 1900 = $779 Subtotal = $ Flood Insurance Rating: Facts and Factors October 17, 2013

21 V-Zone Considerations Additional information may be used to evaluate the coastal risk when it is believed that the design, placement, and/or construction of a building is such that the usual criteria used to establish actuarially appropriate rates do not reflect the lessened risk to the structure The V-Zone Risk Factor Rating Form is used in conjunction with the V-Zone Risk Rating Relativities Table to reflect premium adjustments Factors range from 0.4 to Flood Insurance Rating: Facts and Factors October 17, 2013

22 Questions? Click for Source 22 Flood Insurance Rating: Facts and Factors October 17, 2013

23 Post-FIRM Rating: Zone A Rate for a single family home; $250k building/$100k contents; no basement; no BFE; elevation difference = +1 Building Basic = $2.68 x 600 = $1608 Building Additional = $0.42 x 1900 = $798 Contents Basic = $1.54 x 250 = $385 Contents Additional $0.16 x 750 = $120 Subtotal = $ Flood Insurance Rating: Facts and Factors October 17, 2013

24 Post-FIRM Rating: Zone AO No BFE; TOBF HAG = Elevation Difference If Elevation Difference is equal to or greater than the flood depth shown on the FIRM, use compliant rates Rate for a single family home; $250k building/$100k contents; no basement; no BFE; compliant Building Basic = $0.28 x 600 = $168 Building Additional = $0.08 x 1900 = $152 Contents Basic = $0.38 x 250 = $95 Contents Additional $0.23 x 750 = $98 Subtotal = $ Flood Insurance Rating: Facts and Factors October 17, 2013

25 Floodproofing Certificate All non-residential floodproofed structures are submitted for rating directly from the NFIP Building must be floodproofed to the BFE +1 Floodproofing credit is not available in V zones 25 Flood Insurance Rating: Facts and Factors October 17, 2013

26 Submit-for-Rate Certain structures in high-risk zones have characteristics which require an in-depth underwriting analysis before a premium can be provided. FEMA Underwriting Branch receives: NFIP Application and Submit-for-Rate Worksheet Elevation Certificate and Building Photographs Elevated Building Determination Form Miscellaneous Items Variance statement List of machinery and equipment Breakaway wall certification V-Zone Risk Factor Rating Form Click for Source 26 Flood Insurance Rating: Facts and Factors October 17, 2013

27 Specific Rating Guidelines Section 1 Pre-FIRM and Post-FIRM Non-Elevated Buildings and Pre-FIRM Elevated Buildings Section 2 Post-FIRM Elevated Buildings Section 3 Unnumbered A Zone Section 4 Unnumbered V Zone Section 5 Miscellaneous (buildings over water; floodproofed non-residential buildings; ICC coverage) Appendix Forms for Use in Specific Rating 27 Flood Insurance Rating: Facts and Factors October 17, 2013

28 Specific Rating Procedures 1. Calculate starting rate for Lowest Elevated Floor, based on no basement/enclosure rates from the Flood Insurance Manual 2. Add the following Loading Factor(s) to the starting rate: A. Enclosure/Crawlspace (tabled by square footage and elevation) B. Machinery/Equipment (tabled by elevation of machinery/equipment below BFE) C. Elevator(s), if applicable (for most structures, 0.25 per elevator) 3. Contents coverage calculation 28 Flood Insurance Rating: Facts and Factors October 17, 2013

29 Provisional Rating Enables rating of new policies before an Elevation Certificate has been received Building/contents rates range from $3.00/$2.00 to $6.00/$4.00 per $100 of coverage All of the following must apply Post-FIRM 1-4 family residential Building located in Zones AE, A1-A30, AO, AH, or in Zone A areas where the community provides BFEs Policies cannot be renewed or rewritten with provisional rates 29 Flood Insurance Rating: Facts and Factors October 17, 2013

30 Tentative Rates Used to issue policies when agents fail to provide the full-risk rating information Range from $3 to $12 per $100 of coverage Notice of Tentative Rating provided to the policyholder, agent, and mortgagee, if any When necessary documentation has been received, policy is rerated and rewritten Coverage amounts adjusted in the event of a loss 30 Flood Insurance Rating: Facts and Factors October 17, 2013

31 Deductible Factors Written consent from any mortgagee listed on the policy should be obtained before requesting a deductible higher than the standards 31 Flood Insurance Rating: Facts and Factors October 17, 2013

32 ICC Premium Serves to fund Increased Cost of Compliance Coverage Not eligible for deductible discounts 32 Flood Insurance Rating: Facts and Factors October 17, 2013

33 CRS Discount Ranges from 5% to 45%, depending on the community s class Preferred Risk Policies and Mortgage Portfolio Protection Program Policies are not eligible Most Submit-for-Rate policies are also ineligible Discount table located in Flood Insurance Manual 33 Flood Insurance Rating: Facts and Factors October 17, 2013

34 Federal Reserve Fund Assessment Required by Biggert-Waters % of premium; applied after CRS discount Assessed to most premiums to build a catastrophic reserve fund Does not apply to Preferred Risk Policies and Group Flood Insurance Policies 34 Flood Insurance Rating: Facts and Factors October 17, 2013

35 Probation Surcharge A non-compliant NFIP community may face a oneyear probationary period $50 surcharge applied to all policies within the community 35 Flood Insurance Rating: Facts and Factors October 17, 2013

36 Federal Policy Fee Required by Biggert-Waters 2012 $44 for standard NFIP policies; $22 for Preferred Risk Policies Assessed to defray administrative expenses incurred in carrying out the NFIP 36 Flood Insurance Rating: Facts and Factors October 17, 2013

37 Overview Revisited 1. Determine rate and multiply by $100 of coverage 2. Subtract deductible discount, if applicable 3. Add Increased Cost of Compliance (ICC) premium 4. Subtract Community Rating System (CRS) discount 5. Add 5% Federal Reserve Fund Assessment 6. Add probation surcharge, if applicable 7. Add Federal Policy Fee 37 Flood Insurance Rating: Facts and Factors October 17, 2013

38 References NFIP Flood Insurance Manual NFIP Specific Rating Guidelines FloodSmart Map Service Center FEMA GeoPortal National Flood Hazard Layer BW-12 FEMA Elevation Certificate NFIP Lowest Floor Guide NFIP Write Your Own (WYO) Bulletins 38 Flood Insurance Rating: Facts and Factors October 17, 2013

39 Questions?

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