Flood Insurance

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.

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Executive Order affecting floodplain development issued January 31, 2015

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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.

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Congress Votes to Block Flood Insurance Premium Hikes

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 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. 

 

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