Tag Archive: Biggert-Waters

Population Growth, Climate Change Mean More Flood Risk

March 17, 2014

In a recent FEMA-commissioned report, The Impact of Climate Change and Population Growth on the National Flood Insurance Program, researchers predict a significant increase in coastal and riverine flooding over the next 90 years. They estimate that flood hazard areas could grow 40-45% by the year 2100 as a result of population growth (which puts more people into flood hazard areas) and climate change (which increases the size of flood hazard areas).

Naturally, these changes bring higher flood insurance costs. In fact, if shorelines remain unchanged, the report writers estimate that the average loss per policy could increase 90% by 2100. Given these numbers, it’s not surprising that the Biggert-Waters Act was introduced as a way to control these costs.

While debate over Bigger-Waters continues, some observers are asking why taxpayers are subsidizing the cost of insuring a smaller group of homeowners. As the Washington Post editorial board recently stated:

… it takes some chutzpah for NFIP beneficiaries to act entitled to subsidies from the vast majority of taxpayers who chose not to live on the beach — or who never could afford it in the first place.

While we’ll leave this debate to lawmakers, it’s worth pointing out that one of the easiest and least expensive ways to mitigate flood damage to your home is to install flood vents. Our FEMA compliant flood vents help keep the integrity of your home’s foundation intact—whether you live on the beach or not. To learn more about our flood vents, contact us.

Debate Over Biggert-Waters Delay Continues

March 3, 2014

The debate over what to do about the rising cost of national flood insurance continues. At the end of January, the Senate passed a bill to delay Biggert-Waters implementation by four years in response to many homeowner complaints about dramatic increases in flood insurance premiums.

More recently, on February 21, House GOP leaders introduced legislation that would reinstate insurance rate subsidies for homes located in flood prone areas and keep these subsidies in place even when the house is sold. Instead, the bill will allow FEMA to slowly raise insurance premium rates over a longer period of time.

Whether these latest amendments to Biggert-Waters will actually pass through Congress remains to be seen. Nonetheless, it’s clear that the debate over Biggert-Waters, and climbing insurance costs generally, is far from over. And if you’re a homeowner who needs flood insurance, you can bet on your rates going up, either now or later.

Fortunately, you can take steps to reduce your flood insurance premiums regardless of how the legislation develops. The NFIP (National Flood Insurance Program) gives homeowners a break on insurance premiums when they implement improvements to mitigate flood damage, such as elevating homes and installing flood vents.

Flood Solutions flood vents are FEMA compliant and come in a variety of sizes and models. They’re made of heavy-duty aluminum and start at only $52.00. Learn more about FEMA/NFIP flood vent requirements or contact us with your questions.

Controversy over Biggert-Waters Act Continues to Grow

December 30, 2013

In an earlier blog post, we discussed implementation of the Biggert-Waters Act and how it may increase flood insurance premiums. (As you’ll recall, the Biggert-Waters Flood Insurance Reform Act instructed FEMA to phase out subsidies and discounts so that premiums more accurately reflect a property’s true risk.)

As the Act takes effect, however, a growing number of politicians and homeowners are seeking to delay its implementation, especially as some insurance rate increases have been larger than expected.

Indeed, even Rep. Maxine Waters, who co-authored the bill, is seeking to have the premium increases delayed. In addition, some states have filed lawsuits against the federal government in an attempt to stall rate hikes. Other states are encouraging private insurers to offer alternatives to federal flood insurance coverage.

It remains to be seen how all this will shake out. But regardless of what happens with Biggert-Waters, it remains true that most insurers will offer a flood insurance premium discount for proper flood vent installation.

At Flood Solutions, our FEMA compliant flood vents come in a variety of models and sizes for both new construction and retrofits. For more information about our flood vents, contact us.

Changes to the National Flood Insurance Program

November 5, 2013

On July 6, 2012, the Biggert-Waters Flood Insurance Reform Act came into effect. The purpose of the law is to bring the National Flood Insurance Program out of its financial deficit by phasing out subsidies and updating flood zone maps. If you’ve seen an increase in your flood insurance rate this year, this law might be the reason why.

Rates for subsidized non-primary residences increased 25 percent on January 1^st of this year. Increases for additional categories of subsidized properties will continue through 2013. Starting in 2014, premium rates for non-subsidized properties may also increase as new or revised flood insurance rate maps come into effect.

While no one enjoys paying for flood insurance, your mortgage lender may require it and, in many cases, it’s just the right thing to do. So what can you do to lower your premiums? Premiums are based on an assessment of your home’s flood risk; if you can reduce your risk, you might get a break on premiums.

Big-ticket upgrades, such as relocating your home or raising it above minimum elevation standards, can lower your flood insurance rates. If you’re not prepared to make that kind of investment, you can still make less pricey upgrades to reduce your premiums, such as adding flood vents to enclosures.

At Flood Solutions, we manufacturer FEMA compliant flood vents for homes and commercial properties. Our flood vents are priced from $52.00 to $119.00, making them an affordable way to mitigate flood damage and reduce your flood insurance costs. For more information about our flood vents, contact us.