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“Flood Insurance Increased only 6% last year” – FEMA. Contact us if you have experienced large increase in your Premium.

If your flood insurance premiums rose more than 6% last year please contact us with the following information:

 

Name: ______________      City: ____________   County: ____________       State:_____

 

2016 Flood Premium Amount:___________     2017: Flood Premium Amount:____________

 

We will be forwarding this information to your congressmen and Senators.  It is very important to get this information to them now, NFIP is being reauthorized this year.  It will help let our congressmen and Senators know what is really happening in our communities across the country.

 

Here is the NY Times Reports that FEMA’s annual report states that premiums have risen only 6% in the last year.

 

Here is the maximum increase you should experience according to HFIAA.

 

 

 

 

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Flood insurance rates could rise for Hundreds of Thousands of homeowners under proposal – Tribune

“Congress is considering sweeping changes to the debt-laden National Flood Insurance Program that could jack up flood insurance rates for hundreds of thousands of homeowners under a bill that a Florida real estate group called “devastating.”

 

The proposal, part of a flood-insurance package with a Sept. 30 deadline, could prove costly to homeowners in flood-prone regions ranging from Florida to Texas to California’s Central Valley. It would primarily affect homeowners with low “grandfathered” rates based on flood maps that have changed since they purchased their homes.

 

“This could be devastating to so many people,” said Maria S. Wells, president of the Florida Realtors trade group, which has 175,000 members statewide. “People don’t realize they could be remapped into a much more high-risk zone.”

 

“Rep. Sean Duffy, a Wisconsin Republican who introduced the 21st Century Flood Reform Act, agreed the change could deal a financial blow to some homeowners, over time.”

 

No one knows for sure how many households could be affected by the change, but Duffy said FEMA has told him it could number 500,000 or higher. The increased premium costs could be sizable.”

 

(StopFemaNow estimates this number to be significantly higher than 500,000.  There are 1 million pre-firm properties that fit this category.  Across NY and NJ all the flood maps have raised their elevations, on average, by 2 feet – see pic below.  NY and NJ combined  have over half a million flood polices in these two states.  An overwhelming majority of the 22,000 flood zone communities have seen their BFE’s rise and their 100 year flood plains expanded.  

 

FEMA has been providing wrong or incomplete data to our congressmen and Senators – how can they legislate policy if they do not have correct data?  

 

Below is a graph from the NYC flood map appeal, there were 26,000 homes in the flood plain, after the new maps were presented 57,400 homes were included into the flood plain.  Well over a 50% increase in homes into the flood plains.  )

 

“For example, FEMA’s rate tables show that a home in an “A Zone” of Special Flood Hazard Area — typically near a lake, river or coastline — that now costs $3,000 a year in insurance premiums could rise to $5,000 a year if FEMA determined that expected flood elevations were two feet higher than previously mapped.”

 

Read the full story here  

 

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Why the NFIP is $25 Billion in Debt – REASON # 6 – Flood Maps are +/- 40% wrong

By FEMA’s own admission their “flood maps have an uncertainty of greater than 40%”.

 

We can only assume that the Actuary side of our flood insurance premiums has a similar “uncertainty”.

 

If that is so, how can FEMA / NFIP confidently provide flood insurance premiums that reflect our homes true risk?

 

Without flood maps that are correct we truly do not have a fair and equitable flood insurance program.

 

Congress needs to fully fund FEMA’s mapping program.

 

Furthermore  over 13 Federal Agencies and Every State uses the flood maps for their separate use, they should be paying a portion of the flood mapping.  The burden should not exclusively be put upon NFIP policyholders.

 

 

     

Read Reason #1 , Reason # 2 , Reason # 3  Reason # 4 and Reason # 5 are  here

 

Please share this email to fellow flood policy holders and elected officials in your community.

 

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Why the NFIP is $25 Billion in Debt – REASON # 5 – Mandatory Purchase Requirement

The National Academies of Science has estimated that 50% of homes situated in a flood zone, that have a federally backed mortgage, and are required to purchase flood insurance – DO NOT.

 

Conservative estimate would be as follows;  2.5 million flood policies paying $1,000 a year would equate to an additional 2.5 billion dollars in yearly income to the NFIP program.

 

This additional revenue would help bring the NFIP program to solvency in a timely manner.

 

 

 

 

During Biggert – Waters 2012 the fine to the bank was $250 per incident of not carrying mandatory flood insurance.

After HFIAA – The fine to the bank was raised to $2,000 per incident of not carrying mandatory flood insurance.

2017 NFIP Reauthorization – We suggest raising the fine to $5,000 per incident and suggest stronger enforcement of the fines.

 

 

Read Reason #1 , Reason # 2 , Reason # 3 and Reason 4 here

Please share this email to fellow flood policy holders and elected officials in your community.

 

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Why the NFIP is $25 Billion in Debt – REASON # 4 – Severe Repetitive Loss Properties

Less than 1% (85,000) of the 5.2 million flood policy holders are Severe Repetitive Loss (SRL) properties account for 1/3 of all the flood claims paid.

SRL properties are homes that flood repeatedly.  Most have been paid multiple times the cost of the property.

If the NFIP program was proactive in mitigating these properties NFIP policyholders would have saved billions.

 

 

Furthermore Congressman Royce explains in this video 

  •  “SRL problem is outpacing  mitigation efforts by a factor of 10 to 1.”

  • “1 home valued at $69,000 flooded 34 times in 32 years.  It resulted in $663,000 in total claims”

  • “The worst part of this is the SRL problem keeps growing”

 

Read Reason #1 , Reason # 2 , Reason # 3 here

Please share this email to fellow flood policy holders and elected officials in your community.

 

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