Tying Flood Insurance to Flood Risk for Low-Lying Structures in the Floodplain (2015) / Chapter Skim
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1 The National Flood Insurance Program and the Need for Accurate Rates
1 The National Flood Insurance Program and the Need for Accurate Rates
Pages 7-14
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From page 7... ...
The program enabled residents and businesses flood elevation have a 26 percent chance of flooding to purchase federal flood insurance if their commu- during the lifetime of a 30-year mortgage (compared nity adopted floodplain management ordinances and with a 1–2 percent chance of catching fire; FEMA, minimum standards for new construction in floodprone 1998)
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From page 8... ...
bitmap 100 Number of Presidential Disaster 90 All Disasters 80 Flood Disasters 70 Declarations 60 50 40 30 20 10 0 1953 1955 1957 1959 1961 1963 1965 1967 1969 1971 1973 1975 1977 1979 1981 1983 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 FIGURE 1.2 Number of presidential disaster declarations (black line) and declarations associated with flood-related events (blue R02820 Fig 1.2.eps line)
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From page 9... ...
Private insurance risk-based premiums for negatively elevated structures companies stopped covering flood losses in 1929, a few (Box 1.1)
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From page 10... ...
Review current NFIP methods for calculating risk-based premiums for negatively elevated structures, including risk analysis, flood maps, and engineering data.
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From page 11... ...
policy- summarized below. holders purchase nearly twice as much flood insurance as they did 30 years ago4 and (2)
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From page 12... ...
Lenders were responsible for ensuring that this ing for hazard mitigation projects aimed at reducing the requirement was carried out. To encourage acceptance risk of future flood damage or loss, such as elevating of the new insurance purchase requirements, insurance buildings, utilities, or roads; increasing the capacity of subsidies were expanded to cover structures built after storm drainage systems; restoring wetlands or landinitial floodplain mapping, but before 1975, and the forms that provide natural flood protection; or removsubsidized rates were substantially lowered.
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From page 13... ...
The Flood Insur- Biggert-Waters Flood Insurance Reform Act of 2012 ance Reform Act of 200410 targeted mitigation funding aimed to put the NFIP on sounder financial footing toward the worst repetitive loss properties and denied by authorizing higher premiums to build up program subsidized premiums to property owners who refused reserves in advance of heavy loss years. The act also mitigation assistance.
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From page 14... ...
Finally, Chapter 5 NFIP. Chapter 2 provides an overview of current NFIP presents the committee's conclusions and discusses data methods for calculating flood insurance rates, as well and implementation issues.
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