Changes Ahead- Risk Rating 2.0

Risk Rating 2.0 – New Initiative May Increase Flood Premiums and Decrease Property Values

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 […]

NFIP Reauthorization Watch

NFIP Reauthorization Watch – Notes from a Congressional Hearing

The countdown is on, yet again, for NFIP Reauthorization, the renewal of the National Flood Insurance Program set to expire May 31, 2019. Both the U.S. House of Representatives and U.S. Senate must pass legislation to continue the federal program and will consider changes, improvements, short-term or long-term renewal.  Last month’s U.S. House Committee on […]

Chareleston SC

Elevation News to Manage Flood Risk – Noteworthy Takeaways from Charleston SC

Elevation plays a critical role in determining flood risk and 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 Charleston, SC, city officials consider raising elevation guidelines to reduce […]

It’s Time for Congress to Reform the Flood Insurance Program - An Opinion

It’s Time for Congress to Reform the Flood Insurance Program – An Opinion

(This excerpt was originally published at Inside Sources) Since September 2017, lawmakers had passed nine short-term extensions to the National Flood Insurance Program (NFIP), which covers more than 5.1 million flood policies throughout the country and provides vital assistance to disaster-stricken communities. On December 21, 2018, they did it again, voting to keep the program […]

beach-villas-1591442_1280

The Emergence of Rental Loans for Single-family Properties

This guest post by Jeff Ball of Visio Lending provides an overview of rental loans for single-family and vacation property investors and the role flood risk management plays when seeking the best financing possible. Historically, most investors have financed single-family rental properties in one of three ways: through a second home loan, through agency investor […]

glasses-928465_560

Shortchanged or Shortsighted by Flood Insurance

In the following excerpts from a commentary for The Hill by ValuePenguin’s Maxime Rieman, one thing is clear, property owners across the United States are either shortchanged or shortsighted by flood insurance. Rieman’s perspective begs the question we’ve been posing for quite some time: Is the price homeowners forced to pay for flood insurance justified, […]

Flood Risk News & NotesvFIS

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 […]

Flood Map Update Front-Generic-NB

This Month, Check Last Month’s Flood Map Updates – 42 Communities Affected

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 […]