Faced with natural disasters that often take way years of worth of human effort, one finds himself with limited options. However, with the right kind of insurance a person can have some kind of support to restart his life. With the world facing a very rapid rate of climate change, and the concept of global warming becoming more of a relevant reality, floods amongst other natural disasters are now becoming a regular event, rather than a rare occasion.
An Executive Order has been issued that is very important information for anyone working in the Special Flood Hazard Area. It takes future conditions into account and requires Design Elevations for lowest floors to be 2 feet above BFE for standard construction and 3 feet above BFE for critical facilities, or construction to the 500 year / 0.2%. Implementation of this new standard will not occur until the end of the 60-day public input period and agencies have been able to update their standards and regulations, which will also trigger public comment periods.
President Barack Obama is set to sign into law a bipartisan bill relieving homeowners living in flood-prone neighborhoods from big increases in their insurance bills.
This past Tuesday, the House voted overwhelmingly to pass a bill that would largley repeal Biggert-Waters, a bill which saught to balance FEMA’s enormos debt by expanding flood insurance risk pools and increasing premiums. The new bill, called the Homeowner Flood Insurance Affordability Act, limits premium increases from the National Flood Insurance Program (NFIP) to 18% a year.
The new bill makes several key changes that homeowners should immediately feel, in addition to the limit on premium increases.
For Average Joes,
Fighting FEMA Flood Maps Isn’t Easy or Cheap
Florida agency selling private flood insurance said it is now selling the coverage in 15 states and making it available to commercial risks and apartment buildings.
The effort to delay huge increases in insurance premiums for homeowners in flood-prone areas faces a skeptical House chairman who is largely standing behind the changes Congress oversaw in the nation’s flood insurance program less than two years ago.
In a vote on January 30th, 2014, the senate passed a bill that will delay flood insurance hikes for at least four years.
Finally an alternative in flood insurance for Connecticut
A private flood insurer has stepped into Connecticut’s market, the first time homeowners along the shoreline battered by Superstorm Sandy have an alternative to increasingly costly federal insurance.
The U.S. Senate is expected to take a key vote soon on a bill that would delay some of the flood insurance rate hikes triggered by the Biggert-Waters Flood Insurance Reform Act of 2012.