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 […]

where can i learn more about NFIP Reauthorization

NFIP Reauthorization Watch: A Briefing for Flood Insurance Consumers

The countdown is on for NFIP Reauthorization, the renewal of the National Flood Insurance Program set to expire September 30, 2017. Both the U.S. House of Representatives and U.S. Senate must pass legislation to continue the federal program. In the coming months, Congress will consider changes, improvements, short-term or long-term renewal. Given the challenges of […]

Does your elevation certificate contain errors

Spot Elevation Certificate Errors to Eliminate Unwarranted Flood Insurance Expenses

The National Flood Insurance Program (NFIP) requires an elevation certificate to certify the elevation and other characteristics of a building to determine an actuarially sound flood insurance rate. Errors or omissions lead insurance agents to misrate flood insurance policies, resulting in liability for the surveyor, insurance agent, and most importantly, property owner. Because of elevation […]

Elevation Certificates: Why You Need Them

Elevation Certificates: Why You Need Them Elevation Certificates are important documents that state the elevation of buildings. In addition to elevation, Elevation Certificates also describe the building location, Lowest Floor Elevation, building characteristics, and flood zone. If your home or business is in a high-risk flood zone, Elevation Certificates are indispensable. One reason why you […]

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 […]

Key Takeaways from FEMA’s Senate Testimony on NFIP Reforms and Small Businesses

Last month, Brad Kieserman, an administrator with the Federal Emergency Management Agency (FEMA), appeared before the U.S. Senate Committee on Small Business and Entrepreneurship to report on the impact of National Flood Insurance Program (NFIP) reforms on small businesses. Regardless of business size, if you own, operate or represent commercial property subject to flood insurance […]

Why Commercial Property Owners Cannot Pin Their Hopes on Flood Insurance Parity

In 2014, U.S. Representative David Jolly (R-FL) introduced the Flood Insurance Premium Parity Act of 2014. The legislation, known as H.R. 4313, resulted largely from the omission of commercial property and secondary homes from the Homeowners Flood Insurance Affordability Act, which provided relief from the sweeping reforms of the Biggert-Waters Flood Insurance Reform Act of […]

A Small Business Property Owner and the Bureaucratic Red Tape of FEMA

This is a cautionary tale of the bureaucratic red tape for commercial property owners subject to the imposition of flood insurance requirements. It is a story we are following out of Snohomish County, Washington. It can happen anywhere due to the Federal Emergency Management Agency’s (FEMA) updated policies requiring buildings in flood zones to comply […]

New Jersey’s Flood Hazard Compliance Confusion and Why it Matters

Scott Gurian of New Jersey Public Radio put together an interesting report, NJ Flood Zone Building Rules Conflict with FEMA, that should raise the ire of every property owner across the country. The confusing inconsistencies in standards at the intersection of local and national floodplain management provide little, if any, comfort particularly to those with […]

Elevation News to Manage Flood Risk – Noteworthy Takeaways from Athens, GA

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 an article for the Athens News, insurance, county and commercial property representatives provide […]

How Flood Zone Map Changes Impact Commercial Property Owners

Periodically, federal flood insurance maps get updated. In the aftermath of recent storms, the Federal Emergency Management Agency has been updating flood maps to reflect new risks. While the impact of federal flood insurance maps on residential properties and residential property lending is well-known, they can have an equally significant effect on commercial properties and […]