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If you have FEMA questions in Virginia Beach, Virginia…. we have answers.

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 Flood Insurance Premiums will be rising up to 18-25% compounded annually. 

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The focus will be on the upcoming Flood Insurance Premium Increases and Flood Insurance Legislation in Congress. 

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What you can do to slow or stop the increases? 

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There will be a quick intro and will primarily be a Q & A session on any FEMA / Flooding and Flood Insurance issues. 

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When: October 7, 2019 from 7:00pm – 7:55pm

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Where: Bow Creek Municipal Recreation Center

3427 Clubhouse Road, Virginia Beach, VA

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 All are invited, bring a friend. Sign up for the event here. https://www.facebook.com/events/2609461052445080/

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Please forward this to your friends an family in the Virginia Beach, Norfolk and Hampton Road area.

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A big shout out to Virginia Wasserberg and everyone at Stop the Flooding Now for hosting this meeting!

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“The 2017 Rand Corporation study projected that the elimination of “grandfathering” — which allows currently uninsured homeowners outside the flood zone to buy insurance at a rate reflecting their current, lower level of measured risk before the adoption of new hazard maps — could nearly double the median flood insurance premium, and depress property values by tens of thousands or even hundreds of thousands of dollars.”

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In March, FEMA announced a “Risk Rating 2.0” initiative, to take effect in October 2020 — but the agency described the new policy only in brief, vague terms. The adjusted rating system strives to “close the insurance gap,” and will incorporate granular, lot-by-lot details, which could potentially include the cost of reconstructing the home; the distance from a shoreline or riverbank; differing impacts of different kinds of floods; or the structure’s history of flooding.

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Like the flood hazard maps to come, Risk Rating 2.0 is a black box. All 5 million current policyholders nation-wide will see their rates change under the Risk Rating 2.0 system — but until FEMA releases a more detailed policy description, the precise shape and direction of that change remains a mystery.

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It’s no surprise that changing the system has been contentious and slow going. Rising insurance rates could drastically impact affordability for individual owners, and the housing market as a whole, as insurance-obligated houses become more expensive to own and more difficult to sell.

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Join the discussion at www.facebook.com/groups/stopfemanownj

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Great quotes by Caroline Nagy.

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Read the full story here    https://citylimits.org/2019/09/18/nyc-homeowners-face-huge-unknowns-as-flood-insurance-changes-loom/?fbclid=IwAR22qcksJfABQeQHccT7u3jNahFBQcHvro8pZHg2_dNJtLeNbWy7udHkKVQ

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The NFIP is redesigning its risk rating system to better reflect the property’s unique flood risk, it is called Risk Rating 2.0.

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Risk Rating 2.0 will be implemented on October 2020.

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The flood premium increases from Risk Rating 2.0 will be above and beyond the 18% – 25% compounded yearly increases that are part of Biggert Waters Act.

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Your premium will increase if:

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– Your property is situated near the coast or other flooding source.
– If you live in a higher construction cost state
– If your community/area continues to be overdeveloped without consideration to flooding.

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If your flood premium is more than $1,500 a year, your flood premium will rise between up to 18-25% compounded annually. Until the home reaches its actuarial rate.

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See additional resolutions from locally elected officials from across the country here http://www.stopfemanow.com/town-resolutions-to-stop-flood-insurance-increases/  

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Your locally elected officials should be doing the same.  

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Feel free to join the conversation at www.facebook.com/groups/stopfemanownjhttps://www.jerseyshoreonline.com/ocean-county/ocean-county-fighting-for-affordable-flood-insurance/?fbclid=IwAR1iMmJ0t1qyyAsFC8E9UZWzAflbJD-L40OU8rl9NZhaZ23Z-kf4NeTiM1Q

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The National Flood Insurance Program is over 20 Billion Dollars in Debt.

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We discuss the proposed legislation that will increase premiums up to 25% every year, until the home reaches its Actuarial Rate.

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Congressman Van Drew’s Deputy Chief of Staff of Operation, Justin Mark O’Leary also discusses what is happening with this legislation currently in congress.

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We discuss things you can do to lower your flood insurance premium.

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We also explain everything about FEMA’s Risk Rating 2.0. FEMA which will fundamentally change the way FEMA rates risk on homes. Homes closer to the risk (water) and homes situated in expensive to build areas will see their premiums increase, even if they are elevated.

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Please share this video with your flood zone neighbors. https://youtu.be/MCbTV6wahOY

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We would like to thank Suzanne Leary Hornick and all the members of Ocean City, NJ Flooding for hosting this meeting and the wonderful staff at the Ocean City Public Library.

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Please join the conversation by joining us here www.facebook.com/groups/stopfemanownj , sign up for our newsletter http://feedburner.google.com/fb/a/mailverify?uri=stopfemanow , join our email list http://www.stopfemanow.com/subscribe-to-our-email-list/ , and follow us on twitter www.twitter.com/stopfemanow .

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