For some homeowners, flood-insurance premium increases recede, at least for now
In this case, it’s the quiet after the storm.Last year, Rhode Island homeowners turned out at several forums on the overhaul of national flood insurance to decry soaring rates.Now, several weeks after...
"New Jersey taxpayers should be disgusted by news that their hometown fortunes — how much of their state taxes are returned for, say, school aid or hurricane damage — don’t depend on factors like population or genuine need, but rather how well their mayor kisses the governor’s ring.
When Hoboken Mayor Dawn Zimmer wouldn’t play ball on a redevelopment project favored by Christie allies, the city’s punishment was lost Hurricane Sandy aid. On the other hand, Christie pushed for millions in Sandy aid for a housing project in Belleville, a town that did not suffer much damage from the storm, but whose Democratic mayor endorsed the governor’s re-election."
(As head of the Powerful Republican Governors Assn - Chris Christie has not helped us in keeping flood insurance affordable. 16 Months AFTER Superstorm Sandy not one home is rebuilt with FEDERAL money - DISGRACEFUL)
Chris Christie playing favorites among NJ mayors is disgraceful: Editorial
New Jersey's local governments have long been used as the political parties' minor leagues.
“The out-of-state billionaire Koch brothers funded the fight to let flood insurance premiums soar, helping the insurance companies,” says a television ad the group has run in Louisiana since March 25. “Now they’re spending millions to buy a Senate seat for Bill Cassidy, so he can fight for them.”
It’s a potentially potent message in coastal states such as Louisiana, Georgia and North Carolina, where U.S. Senate elections in November are critical in the fight for control of the chamber. The flood insurance debate also has surfaced in Mississippi, where it may harm a Senate candidate aligned with the limited-government Tea Party movement who is pursuing a primary challenge against a Republican incumbent.
FEMA still has to determine how to alter future rates for people who are scheduled to keep their grandfathered status for subsidized rates as result of the new flood insurance law. The grandfathering provision was cancelled by Biggert-Waters for people whose homes were consider higher risk by new FEMA flood maps, but restored by the new legislation.
First premium relief from new flood insurance law implemented by FEMA
WASHINGTON -- FEMA is granting the first flood insurance rate relief provided for under legislation that cancelled some of the premium hikes resulting from the 2012 Biggert-Waters law.FEMA announced Tuesday that, effective May 1, people who purchased new homes after...
The purpose of this bulletin is to stop charging full risk-rates for all types of Pre-Flood Insurance
Rate Map (FIRM) properties covered by section 3 of the HFIAA which includes primary residences
and businesses. Section 3 of the HFIAA requires FEMA and WYO companies to restore Pre-FIRM
subsidized rates for the following properties: (a) Pre-FIRM properties that were not insured when
Biggert Waters was enacted; (b) Pre-FIRM properties that were sold after Biggert Waters was
enacted; and (c) policies for Pre-FIRM properties that were rated full-risk under Biggert Waters due
to a lapse in coverage.
Effective May 1, 2014, FEMA is requiring the WYO Companies and the Direct Servicing Agent to
use the appropriate October 1, 2013 Pre-FIRM Rate Tables when more favorable than full-risk rates
for the following types of scenarios:
• New application for Pre-FIRM buildings rated in zones Unnumbered A, AE, A1-A30,
AH, AO, V, VE, V1-V30 and D effective on or after October 1, 2013, and processed
on or after May 1, 2014 (previously impacted by Section 100205 (g)(1) of BW-12);
Subject: Section 3 of the Homeowner Flood Insurance Affordability Act of 2014 (HR 3370)
• Pre-FIRM subsidized policies assigned to a new building owner upon a purchase
occurring on or after July 6, 2012, where the endorsement is effective on or after
October 1, 2013. and processed on or after May 1, 2014 (previously impacted by
Section 100205 (g)(2) of Biggert-Waters);
• Reinstatement on or after October 4, 2012, of a lapsed Pre-FIRM subsidized
policy processed on or after May 1, 2014 (previously impacted by Section 100205
• Renewal of all policies for Pre-FIRM buildings that were not insured when
Biggert Waters was enacted in zones Unnumbered A, AE, A1-A30, AH, AO, V,
VE, V1-V30 and D processed on or after May 1, 2014 (previously impacted by
Section 100205 (g)(1) of Biggert-Waters); and
• Renewal of all policies for Pre-FIRM buildings that were purchased after Biggert
Waters was enacted in zones Unnumbered A, AE, A1-A30, AH, AO, V, VE, V1-
V30 and D processed on or after May 1, 2014 (previously impacted by Section
100205 (g)(2) of Biggert-Waters).
As required by the HFIAA, FEMA will continue to consult and coordinate with WYO insurers
and other stakeholders as we implement other provisions of the law, including premium refunds.
Thank you for your patience. For questions, please contact Joe Cecil at (202) 212-2067.
cc: Vendors, IBHS, FIPNC, Government Technical Representative
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