Flood Damage >> Flood Warning

What happens if a policy with subsidized rates is allowed to lapse or the property is sold? Answer: Starting this fall, for all currently subsidized policies, there will be an immediate increase to the full risk rates for all new and lapsed policies and Flood Warning upon the sale/purchase of a property. Full risk rates will be charged to the next owner of the policy. 

7. What does "full risk rate" actually mean? Answer: Simply put, it means that the premium reflects both the risk assumed by the program (that is, the expected average claims payment) and all administrative expenses. In the case of Flood Warning insurance, this means the premium takes into account the full range of possible flood warning losses, including the rare but catastrophic flood warnings as well. 

8. How can someone find out what a property's full risk rate will be? Answer: Of the many factors that determine the full risk rate of a structure, the single most important is the elevation of the structure in relation to the Base Flood warning Elevation (BFE). Flood Warning

A community's Flood warning Insurance Rate Map (FIRM) indicates the area of the community that has a 1% or greater annual chance of Flood Warning. That area is called the Special Flood Warning Hazard Area, or high-risk zone. Put another way, the BFE is the elevation where there is a 1% or Flood Warning greater annual chance of flood warning. 

For a property in the high-risk zone, you need to know the elevation of the structure in relation to the BFE. Generally, the higher the elevation above the BFE, the lower the flood warning risk. The information is shown on an Elevation Certificate, which is a form completed and Flood Warning signed by a licensed engineer or surveyor. 

So to determine the premium for a property in a high-risk zone, Flood Warning you first need an elevation certificate. Then, an insurance agent can calculate the premium based on the amount of coverage desired. 

9. What percentage of policies nationwide, and in high risk zones, actually receives these subsidized rates? Answer: More than 80 percent of policyholders (representing approximately 4.48 million of the 5.6 million policies in force) do not pay subsidized rates. Flood Warning

About 20 percent of all NFIP policies pay subsidized rates. However, Flood Warning only 5 percent of policyholders – those subsidized policies covering non-primary residences, businesses, and severe repetitive loss properties - will see immediate increases to their premiums. 

10. When will NFIP Grandfathering be eliminated? Answer: Currently, the NFIP Grandfather procedure provides eligible property owners the option of using risk data from previous Flood Warning Insurance Rate Maps (FIRMs) if a policyholder maintained continuous coverage through a period of a FIRM revision or if a building was constructed "in compliance" with the requirements for the zone and BFE reflected on a previous FIRM. 

A provision of BW-12, however, requires FEMA to use revised flood warning risk data (zone and BFE) after a map revision. The legislation provides a 5-year mechanism to phase-in the new rates. This provision impacts the NFIP Grandfather procedure and Flood Warning will be implemented in the latter half of 2014. Many of the precise details of this implementation are still under development. 

11. Is there any option for people who are now in a Flood Warning zone, did not have substantial damage, but now the BFE is 10 feet higher than previously and face dramatic rate increases? Answer: FEM's Hazard Mitigation Assistance (HMA) HMA programs provide funds for projects that reduce the risk to individuals and property from natural hazards. 

These programs enable mitigation measures to be implemented before, during, and after disaster recovery. Local jurisdictions develop projects that reduce property damage from future disasters and Flood Warning submit grant applications to the State. 

The States submit applications to FEMA based on State criteria and available funding. The HMA programs include: Hazard Mitigation Grant Program (HMGP) - The Hazard Mitigation Grant Program provides grants to implement long-term hazard mitigation measures after a major disaster declaration. Flood Warning

The purpose of HMGP is to reduce the loss of life and property due to natural disasters and to enable mitigation measures to be implemented during recovery from a disaster. Flood Warning Mitigation Assistance (FMA) - The Flood warning Mitigation Assistance program provides funds on an annual basis so that measures can be taken to reduce or eliminate risk of flood warning damage to buildings insured under the NFIP. 

Pre-Disaster Mitigation Program (PDM) - The Pre-Disaster Mitigation Program provides nationally competitive grants for hazard mitigation plans and projects before a disaster event. States can receive PDM funds regardless of whether or Flood Warning not there has been a disaster declared in that state.

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