FLOOD MITIGATION Hampton Roads. MICHAEL VERNON Director of Business Development

Transcription

1 FLOOD MITIGATION Hampton Roads MICHAEL VERNON Director of Business Development

2 Changing weather patterns Bigger, stronger storms Rising sea levels Long term erosion Poor building decisions

3 FLOODMAP Elevation certificate Base flood elevation Pre-firm Post-firm V sector AE sector FEMA's interpretation of flood risk to downtown Norfolk and Ghent neighborhood. Source: City of Norfolk Map Gallery, Flood Insurance Rate Map

4 $ NFIP 24 BILLION in the Hole! The Department of Homeland Security FEMA NFIP

5 The Price of INSURANCE FEMA s long term financial solution. RAISING PREMIUMS LOWER EXPOSURE

6 FINANCIAL INCENTIVES in the Form of Lower Flood Insurance Premiums The government in many instances offers financial incentives when individuals do something that is in the best interest of the whole such as: Retirement savings (deferred taxation) Giving to charities (tax deduction) Borrowing money for a primary home (interest deduction) Mitigate your home to reduce the risk of flood damage. (reduced flood insurance premiums)

7 Real Life Results Before Cost of Insurance Cost of Project $3,900 $15,000 $332 $4,700 $5,200 $700 $3,700 $5,200 $650 $1,800 $2,300 $350 A2er cost of Insurance

8 CASE STUDY from The Virginian Pilot Homeowner quoted $2700 per year for flood insurance doubling her previous rate. The solution is to modify her home according to FEMA standards. She raised her hot water heater and her HVAC. She also installed FEMA certified engineered flood vents. The total cost was $3,200 Flood insurance was reduced to $733 per year.

9 CASE STUDY Agent loses two sales due to flood premiums of $3,900 FLOOD MITIGATION HR determines home can be made 100% compliant New quote as if house is mitigated brings premiums to $332 Mortgage Banking Underwriter states that scope of work qualifies for home improvement loan Estimated cost of project $15,000

10 CASE STUDY/ SCOPE OF WORK Relocate electrical panel and hot water heater Remove and dispose of oil burner and oil tank Create drainage in basement floor Fill basement with sand to crawl space height Install Certified Engineered flood vents through our crawl space Process all documents

11 CASE STUDY Home has new hot water heater and electrical panel Home is much more resistant to flooding due to mitigation Market value of home is reestablished Insurance premiums are low and will only slowly increase Home moves in a normal time frame Real estate market and community remain healthy

12 CASE STUDY AND THE WINNERS ARE? The seller The buyer The real estate agent The insurance agent The mortgage banker Flood Mitigation The community The country

13 FLOOD MITIGATION Offers Flexible Hampton Roads SOLUTIONS Elevation certificates Free estimates for vents Assessments for projects with return credit Design and consultation Flood and Storm related products Construction management for mitigation and non-mitigation projects Comprehensive document processing Website and sales support

14 FEMA APPROVED Flood Vents Raise the House One-piece vent plate with easy to insert vermin screen and fixed louver. Made of durable PVC/ABS plastic (no rust or rot) with a UV retardant treatment. Can be installed in Crawlspaces and Doors

15 FLOOD MITIGATION Hampton Roads MICHAEL VERNON vents4U ( )