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: Reforms and Your Flood Risk

In September 2017, the president of the United States signed legislation to extend, by three months, the expiration of the nation’s federal flood program, the National Flood Insurance Program (NFIP).  In doing so, the program – absent of much needed reforms –  remains intact, authorizes emergency funding for disaster relief, and gives lawmakers additional time […]

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 […]

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 […]

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 […]

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 […]

5 Reasons Commercial Property Owners in High-risk Flood Zones Should Verify Their Classification

Commercial property owners in Federal Emergency Management Agency (FEMA)-designated high-risk flood zones have no reason to celebrate the bills moving through the United States Senate and House of Representatives to delay flood insurance rate increases. Some believe the legislation is yet another glaring example of the inequities of the National Flood Insurance Program (NFIP), which […]