Flood Risk News & Notes: Rates, Maps, Regulatory and Elevation Matters

From the headlines to your bottom line, this edition of Flood Risk News & Notes includes another extension of the National Flood Insurance Program (NFIP); an increase in flood insurance premium rates; flood map changes in more than 70 communities around the country; and a reminder about elevation certificates. Below you will find a summary […]

November 2017 Flood Map Updates

November 2017 Flood Map Updates

On November 3, 2017, the Federal Emergency Management Agency (FEMA) released revised flood insurance rate maps for select communities in three states: New York, Pennsylvania, and Iowa. The new maps place many homes and buildings in a Special Flood Hazard Area (SFHA), also known as a high-risk flood zone. A flood map reflects a geographic […]

Multifamily Industry Leaders Weigh in on the National Flood Insurance Program

Earlier this year, United States House Financial Services Subcommittee on Housing and Insurance held two hearings to address flood insurance and the National Flood Insurance Program (NFIP), including efforts to reform and reauthorize the program before its September 2017 expiration. In written comments submitted to lawmakers and on behalf of the multifamily industry, leaders of […]

Why Reevaluating Your Flood Risk Now is a Bright Idea

If you own, manage, or represent, residential or commercial property in a SFHA (Special Flood Hazard Area, which is a FEMA-designated high-risk flood zone) and subject to mandatory flood insurance, now is an appropriate time to reevaluate your flood risk. In the article, Flood Insurance on the Cusp of Tremendous Change, John Dickson, writing for […]

Elevation News to Manage Flood Risk – Noteworthy Takeaways from Bergen Co., NJ

Elevation plays a critical role in determining flood insurance rates. A couple of feet, a few documentation errors or significant omissions can make a considerable difference in the amount property owners pay for coverage or measures implemented to mitigate flood damage. In Bergen County, New Jersey, FEMA is in the midst of updating the area’s […]

Commercial Property Owners Face More NFIP Changes – Leaving a High-risk Flood Zone Designation to Chance Will Cost You

In its recently released Bulletin W15016, the Federal Emergency Management Agency (FEMA) detailed additional changes to the National Flood Insurance Program (NFIP), effective November 1, 2015. Key program changes include the following: Implementation of a procedure to identify business properties in order to implement the 25-percent annual premium increases on Pre-FIRM subsidized business properties; Reformatting […]