The Federal Emergency Management Agency (FEMA), which administers the National Flood Insurance Program (NFIP) announced Risk Rating 2.0, a new effort designed to improve how the NFIP determines flood risk and flood insurance premiums. It purports to leverage industry best practices and technology; however, by most accounts, Risk Rating 2.0 will increase premiums and decrease […]
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 […]
FEMA’s release of revised flood insurance rate maps includes 42 communities in seven states: Florida, Georgia, Louisiana, New York, Oregon, Texas, and Washington. Many flood map updates place homes and buildings in a Special Flood Hazard Area (SFHA), also known as a high-risk flood zone. A flood map reflects a geographic area -not individual property […]
The month of December is traditionally a busy month, and it appears that the FEMA elves have worked overtime to release revised flood insurance rate maps for more than 100 communities in 10 states: Colorado, North Dakota, Utah, New Jersey, Kentucky, Mississippi, South Carolina, Texas, Georgia, and Louisiana. The new maps place many homes and […]
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 […]
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 […]
FEMA creates and uses flood maps to identify a community’s flood risk. The maps are based on the collection of statistical data (flow, storm tides, hydrologic/hydraulic analyses, rainfall and topographic surveys) that many contend is outdated and inaccurate in the determination of a property’s actual flood risk. And that leads to property owners being ill-prepared […]