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On Wednesday, June 12, the House Financial Services Committee unanimously passed legislation to reauthorize and reform the National Flood Insurance Program.

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Below are some lowlights;

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Primary Homeowners will receive increase “up to 18% annually” until they reach their actuary rate (Every 4 years premiums may double)

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2nd Homes will receive increases “up to 25% annually” until they reach their actuary rate. (Every 3 years premiums may double)

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Below is an example of proposed premium increases.

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Premiums will increase more if you live in a community that has higher construction/replacement costs.

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Mapping – Risk Rating 2.0 will be implemented in 2020.  Properties situated closer to rivers, oceans and bays will be considered higher risk and will be paying higher premiums.  (April 2019 – Senator Schumer has publicly expressed serious concerns – “U.S. Sen. Charles Schumer and other elected officials are calling on the Federal Emergency Management Agency to halt a plan to revamp the National Flood Insurance Program, saying the change would increase premiums to unaffordable levels, pricing out residents and lowering local property values.

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 “ Schumer questioned the variables and outlined the plan, which he said was 221 words long, including that it would use data and metrics to determine customers’ premiums, like the type of flood, the distance the building is from the coast or another body of water, and the cost to rebuild the home. FEMA would also consider the replacement costs of homes, Schumer said, which would increase premiums for higher-valued properties and reduce them for lower-valued ones.  (Read the full story here)  http://www.liherald.com/stories/schumer-to-fema-halt-flood-plan-changes,113423  

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Here is an example of how Risk Rating 2.0 will change risk on your home

 “Increased Cost of Compliance” limits will rise from $30K to $60K.  (This amount needs to be raised to at least $100,000, the amount has not been increased since the 1980’s.  The cost to elevate a home is well north of $100,000) 

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Creates 2 new flood zones (Usually when FEMA introduces something “new” it cost policyholders funding. We will wait and see how this pans out.)  The only information FEMA has released concerning Risk Rating 2.0 is a 221 word limited press release.  https://www.fema.gov/nfiptransformation

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This bill is being “fast tracked” through the house.  It will be voted on by the end of June.  We strongly urge you to contact your congressman and Senators (click here for your elected officials  https://www.usa.gov/elected-officials   ),  and Chair of the House Financial Services Committee –   Maxine Waters – Email;  FSCDems@mail.house.gov  Phone: (202) 225-4247 and voice your concerns.

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  Tell them not to pass H.R. 3167, the “National Flood Insurance Program Reauthorization Act of 2019”.  18% – 25%  Compounded Yearly Increases are unacceptable.

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If you have any questions or concerns or would like to have a meeting in your community concerning NFIP reauthorization please email us at StopFemaNow@gmail.com .

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You can view the actual proposed legislation here chrome-extension://oemmndcbldboiebfnladdacbdfmadadm/https://financialservices.house.gov/uploadedfiles/bills-116pih-floodwaters.pdf

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