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Posts Tagged ‘national flood insurance program’

Rising Flood Insurance Premiums Addressed in Legislation

October 29th, 2013 Comments off

Chairman of the National Association of Home Builders (NAHB) Rick Judson commends the bi-partisan support from two Senators and two Representatives for advocating identical legislation providing relief from rising flood insurance premiums. Reps. Michael Grimm (R-N.Y.) and Maxine Waters (D-Calif.) and Sens. Robert Menendez (D-N.J.) and Johnny Isakson (R-Ga.) support the Homeowner Flood Insurance Affordability Act which will fix some of the unintended consequences of the Biggert-Waters Flood Insurance Reform Act. The measure would prevent premium rate hikes from going into effect for four years, thereby giving the Federal Emergency Management Agency (FEMA) time to accurately determine flood risk and respond to challenges from those who can prove existing flood plain maps are inaccurate. As MHProNews has learned, Judson’s statement says, “These provisions in the insurance reform bill will prevent undue hardship on the recovering housing market, help current and future policyholders keep their premiums affordable, prevent home values from dropping, and make the National Flood Insurance Program more effective for years to come.”

(Photo credit: glenviewpatch–Sunset Village manufactured home community)

FEMA: Flood Insurance may be Lacking

October 31st, 2012 Comments off

In the wake of Hurricane Sandy, the Federal Emergency Management Fund (FEMA) has enough funding for disaster relief, but it may come up short for the federal flood insurance program, MHProNews has learned from CNNMoney. The National Flood Insurance Program (NFIP) paid out $1.8 billion following Hurricane Irene last year, but the tab this year is expected to run in the multi-billions, although it is too early to know the actual figure. FEMA still owes $18 billion to the Treasury Department for Hurricane Katrina, and while it has access to $3.8 billion, Congress may have to add funding to the program. Private insurers do not sell flood insurance. People in the Northeast are less likely to buy flood insurance than those living in the hurricane-prone South. However, since Hurricane Irene hit last year, 14 percent of homeowners living in the Northeast bought federal flood insurance, an increase from five percent in 2011.

(Photo credit: Spencer Platt/Getty Images)

Flood Insurance Extended

June 6th, 2012 Comments off

Following up on a story we posted May 25, 2012, the Manufactured Housing Institute (MHI) newsletter says the National Flood Insurance Program has been extended for two months until July 31, 2012. Congress passed the extension and President Obama signed it so homeowners and businesses in flood prone areas can receive subsidized coverage. The extension will give Congress time to work on a five-year extension; the measure also extends credit for the program to $20 billion to cover a $17 billion debt. With a tentative agreement between the House and the Senate in the offing, other reforms include termination of subsidized flood insurance for vacation and second homes; a premium increase of 25 percent per year; annual notification of homeowners by insurance companies of the dangers of living in flood-prone areas; and the Federal Emergency Management Agency (FEMA) must issue updated flood maps to all at-risk communities in the nation.

(Photo credit: TheAdvocate/Zack Gray)

Govt. Flood Insurance Program in Jeopardy

May 25th, 2012 Comments off

If the House of Representatives fails to pass the 60-day extension for flood insurance that has already passed the Senate, the National Flood Insurance Program will not be able to issue new policies after May 31. The House did pass a 30-day extension of the bill earlier, but in gridlock fashion the House is weary of the Senate’s dictates on other legislation. NationalMortgageNews tells MHProNews.com the Senate measure included a provision that increases flood insurance premiums on vacation and second homes over a four-year period. It’s not certain the House will agree with that addition to the extension.

(Photo credit: TheAdvocate/Zack Gray)

 

FEMA: “Canal Could Flood MHC”—Water Co. Employee: “No Way”

April 23rd, 2012 Comments off

To comply with the 2010 FEMA (Federal Emergency Management Agency) guidelines declaring Magnolia Village MHC in Yuma, Arizona is in a flood plain, replacement homes for the over-55 residents will have to be elevated four feet. To satisfy the National Flood Insurance Program, homes that will cost more than 50 percent of their value to repair need to be replaced, which include many since the community began in the early 1970s. FEMA says the East Main Canal that borders one side of Magnolia could flood three feet high into the community. Scott Pray, an employee of the Yuma County Water Users Association, says the canal is shallow and wide and has a solid, wide bank, and with the main gate a mile away water could easily be shut off. Many of the residents walk with assistive devices, and would have to climb six feet of steps. A wheelchair would require a sixty-foot ramp. The YumaSun tells MHProNews.com the city is concerned that homes sitting on concrete blocks would be vulnerable to earthquakes and high winds. Optional solutions will require federal and state approval.

Photo credit: YumaSun—shown, Beverly Morrow)

New Ordinance: Manufactured Homes to be Sited above Flood Level

February 28th, 2012 Comments off

Under a deadline set by the Federal Emergency Management Agency to change the city’s flood ordinance or lose the right for residents to obtain federal flood insurance, the city council of Denham Springs, Louisiana, approved changes to its flood ordinances. New construction and substantial improvements to a property within the city will have to be built with flood-resistant materials, and anchored to prevent it from floating away in this city just east of Baton Rouge. TheAdvocate tells MHProNews.com the bottom beam of manufactured homes that have suffered flood damage must be above flood level as indicated on the FEMA flood maps. The council also had to approve the FEMA maps, which are used by the National Flood Insurance Program (NFIP). In addition, proposals for new MHCs and subdivisions must have adequate drainage to conform to the new regulations.

(Photo credit: city of Denham Springs)