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

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

2 Biggert-Waters National Flood Insurance Program Reform Act of 2012 (BW-12) Signed into Law July 6, 2012 Extends financing & authority for the NFIP through September 30, 2017 Since 2008 Congress passed 18 stop-gap extensions Sited as BW 12

3 BW-12 Subsidized flood insurance policies being phased out (About 20% of all flood insurance policies) Rate increase 25% per year for 4 years to actuarial rates for. Non-primary residences (living in the home < 80% of the time) 305,000 nationally & 4759 NC pre-firm subsidized policies begin phasing into full risk rates. Rates will increase on average over 150 percent Business properties and Severe Repetitive i Losses - Commercial - 90,000 nationally and 2143 NC - Severe Rep Loss - 11,000 nationally & 700 NC Began January 1, 2013

4 BW-12 Primary, residential buildings may keep cheaper subsidized (Pre-FIRM) rates forever UNLESS. Property is sold (or purchased) There is a lapse in insurance coverage Substantial damage or substantial improvement (30%) occurs Building is uninsured as of BW-12 enactment A mitigation grant is refused 650,000 nationally and 7,728 NC existing pre-firm policies convert to full-risk rates when sold to a new owner Bega an Octo ober 1, 2013 Subsidized rates will move DIRECTLY to full risk rate Subsidized rates will move DIRECTLY to full risk rate (no 25% increase/year over 4 years)

5 BW-12 Grandfathering To Be Phased Out: Throughout history of NFIP rates based on FIRM in effect when house built. If BFE increased on new map, rates grandfathered to cheaper rates because house was built in compliance. BW-12 - For any property newly mapped into SFHA or subject to a revised map WILL PAY ACTUARIAL RATES Anticipated to take effect October 1, Rates to increase 20% each year for 5 years until they reach full actuarial rates for the map in effect. ~ 515,000 grandfathered policies, premiums may increase 200%

6 Biggert-Waters Flood Insurance Program Reform Act of 2012 Average of 10% increase after Oct. 1, 2013 V Zone Post-FIRM 11%, Pre-FIRM 17% AE Zone Post-FIRM 6%, Pre-FIRM 16% Zone A 8% X Zones Standard 8%, PRP 1%, ext. 19%

7

8 BW-12 DATE BW-12 IMPLEMENTATION STEP July 6, 2012 January 1, 2013 October 1, 2013 October 1, 2014 BW-12 becomes law; reauthorizes the NFIP for five years and requires FEMA to eliminate most discounts and subsidies 2 nd Homes, Commercial Phase Out Single family Pre-FIRM Direct Full Risk Rates No 25% increase each year. *sale/purchase of property, *Policy Lapse *substantial damage/improvement 30%. Grandfathering Phase Out

9 BW-12 Streamlines FMA, RFC and SRL program to allow mitigation of repetitive or severe repetitive loss structures; Creates a reserve fund Establishes the TMAC to advise FEMA administrator and SRP Modifies use of CDBG funds to include flood insurance outreach and community building code administration

10 Biggert-Waters Flood Insurance Program Reform Act of 2012 Greater civil penalties for lender non-compliance ($350 to $2,000) Lenders required to escrow and maintain control of claim payments Study the economic cost of vouchers for low-income Study of the capacity of the private reinsurance market

11 Insurance Cost Coverage: $250K Building/$100K contents QUESTIONS??

12 Example Rates for Various Floor Elevations 4 Below BFE At BFE 3 Above BFE

13

14 AE (el 14 ) BFE -9 Premium ~$20,400/yr

15 BFE -9 Premium ~$20,400/yr AE (el 14 )

16 Premium Present: ~$3400 Pending: $51,000/yr Pre-FIRM 2007 VE (el 16 ) Now: BFE -10

17

18 Biggert-Waters Flood Insurance Program Reform Act of 2012 September 2013 U.S. Rep. Maxine Waters introduced the Homeowners Flood Insurance Affordability Act last month. Purpose is to delay implementation of BW12 until Affordability Study is completed.

19 Determining Flood Insurance Rate - Zone AE

20

21

22 Elevation Certificates and BW-12 Elevation Certificates will be required for all pre-firm buildings to be actuarially rated An extremely high premium will be enforced without an EC. Rates generally based on difference between lowest floor and BFE Flood Insurance requirement may be removed if EC shows LAG at or above BFE (LOMA, LOMR-F)

23 The Elevation Certificate Administrative tool of the NFIP Policy rating Support of map revisions and amendments Certify building elevations Community compliance

24 Sections A - G

25 Section A

26 FEMA Non Engineered Opening Requirements Must have a Minimum of Two Openings One sq/in per 1 sq/ft of enclosed area Bottom of opening within 1 of adjacent grade Any louvers, screens, or other opening covers must not block or impede the automatic flow of Floodwaters into and out of the enclosed area. Openings must be permanently open

27 Vent Options Typical Air Vent Screened Wood Frame Louvered Air Vent Block Turned Sideways Return Vents

28 Lowest Floor for Flood Insurance Rating With Proper Vents in Crawlspace $700 / year Opening (typical) Lowest Floor Feet BFE

29 Lowest Floor for Flood Insurance Rating Without Proper Vents in Crawlspace $2,700 / year Lowest Floor - 10Feet 1.0 BFE

30 Lowest Floor for Flood Insurance Rating With Proper Vents Lowest Floor Feet Opening (typical) BFE

31 Lowest Floor for Flood Insurance Rating Without Proper Vents Lowest Floor - 10Feet 1.0 BFE

32 Section - B

33 Section C

34 Lowest Adjacent Grade Elevation of ground, sidewalk, patio, or deck support immediately next to building Lowest ground elevation touching structure or supporting members of structure

35 Definition of Lowest Floor Lowest t floor of lowest enclosed area, including basement Unfinished or flood-resistant enclosures, used solely for parking of vehicles, building access, or storage in areas other than basements are not considered lowest floors PROVIDED that such enclosures are not built to render structure to be in violation of applicable non-elevation design requirements of a community s ordinance

36

37 Low Floor (LF) For Insurance Rating Diagram 1-A Slab on Grade

38 Low Floor (LF) For Insurance Rating Diagram 1 B Diagram 1-B Raised Slab

39 Low Floor (LF) For Insurance Rating Diagram 1-B With Attached Garage

40 Low Floor (LF) For Insurance Rating Diagram 9 Sub-Grade Crawl Space

41 Low Floor (LF) For Insurance Rating Diagram 2 g Basement

42 Low Floor (LF) For Insurance Rating Diagram 8 Crawl space, openings

43 Low Floor (LF) For Insurance Rating Diagram 8 Crawl space, No Openings

44 Flood Insurance Rating Elevation Determination Difference, measured in feet, between the lowest floor elevation and the BFE for that zone. The elevation difference can be a number of feet above (+) or below (-) )thebfe BFE.

45 0.1 Can Make $$Thousands Difference in Annual Premium Insurance agent must apply the rounding rule to the difference between the elevation of the lowest floor and the BFE. Round to nearest whole number If the difference is negative (floor below BFE), the final figure is rounded up from.5. Ifthedifferenceispositive(flooraboveBFE),thefinal is final figure is rounded up from.5. Always round to the higher elevation

46

47

48 Questions?

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