“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.”
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