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How Will Flood Insurance Affect the Value of My Home? POWERPOINT Presentation

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4,000 Added to Flood Zone in Newport Beach, CA. 250K added to Flood Zone in NYC. How many more added throughout the country?

“Newport Beach  is challenging the federal government’s revised flood zone boundaries in the city, especially around the Balboa Peninsula and Balboa Island, in an effort to save homeowners money on insurance.”

“Under the Federal Emergency Management Agency’s proposed boundaries, about 4,000 additional property owners on the Balboa Peninsula would have to buy flood insurance, according to Seimone Jurjis, the city’s assistant community development director.”  Read the full story about Newport Beach here 

FEMA has been implementing new flood maps throughout the whole country.  There are 22,000 flood zone communities across the country.  If virtually all the new flood maps have elevated BFE’s and are expanding.  How many more homes are being added into the flood plain?

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As you can see from NYC Flood Map Appeal (See Picture below):

2007 FIRMS= 277,000 properties in a flood zone

2017 PFIRMS =532,000 properties in a flood zone

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255,000 properties ADDED into the flood zone in New York City!

 

 

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The Nightmare Scenario for Flood Zone Homeowners

“Sean Becketti, the chief economist at Freddie Mac, warned in a report last year of a housing crisis for coastal areas more severe than the Great Recession, one that could spread through banks, insurers and other industries. And, unlike the recession, there’s no hope of a bounce back in property values.”

If the NFIP is not reformed the ramifications of the exorbitant rise in flood premiums “will make the 2007 housing bubble look like a walk in the park.”

This article is attributing the loss of home values in sea level rise.  But the rise in Flood Premiums is what is truly devaluing properties.

Read the full story below:

https://www.bloomberg.com/news/features/2017-04-19/the-nightmare-scenario-for-florida-s-coastal-homeowners

 

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FEMA’s Flood Insurance Advocate Report

The Flood Insurance Advocates office was mandated by congress to be “an advocate for NFIP policyholders”.

 

There is no mention on the fraud and underpayment of claims.  That over 10,000 Sandy Survivors are still not paid on their claims.  That it cost over half a billion dollars to review the claims that were awarded $350 million dollars.  Not one person in NFIP or FEMA has been fired yet.

 

There is no one inside FEMA or NFIP that is “looking out” for policyholders.

 

There needs to be a true Advocates Office that is funded outside FEMA and that does not report to FEMA and NFIP.

 

Read the full report here.  Flood Insurance Advocate 2016 report (1)

 

 

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Watch NBC News “A storm worse than SANDY, Rise in Flood Insurance Premiums” – Dan Mundy

We want to thank Dan Mundy, Fireman and Advocate, and Daniel Zarrilli, NYC Chief Resiliency Officer, for raising the alarm on the impending rise in flood insurance premiums.

 

We must all raise the alarm in our communities.  Call your councilmen, Mayors, Congressmen and Senators and let them know that the NFIP needs congressional re-authorization this year and that we need flood insurance to be kept affordable.

 

Watch News Video here

 

 

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