Tuesday, January 19, 2021

Program/FEMA Updates

National Flooding Insurance Program Changes Video Series
October 2016 Program Updates Video thumbnail image
On April 1, 2017, the Federal Emergency Management Agency (FEMA) provided changes to the National Flood Insurance Program (NFIP). These are a result of the continued implementation of the Homeowner Flood Insurance Affordability Act and the Biggert-Waters Flood Insurance Reform Act.

FEMA has provided three short video segments explaining the changes, which be viewed at: https://www.fema.gov/media-library/multimedia/collections/563. The following is a brief overview of each segment:

Segment One: Premiums and Surcharges
This video discusses updated premium rates, updated premium multiplier tables for policies rated under the newly mapped procedure polices and provides clarification for pre-flood rate map substantially improved properties.

Segment Two: Newly Mapped Multiplier
This video discusses changes related to the Newly Mapped Multiplier Table, which is a new rating approach in calculating the premium for properties newly mapped into a Special Flood Hazard Area (SFHA).

Segment Three: Pre-FIRM Substantially Improved Buildings and Updates to the Community Rating System List
This video discusses the clarifications to policy rating and loss adjustment for Pre-Flood Insurance Rate Map substantially improved properties.

Our goal is to ensure that all planning partners and community residents maintain awareness of policy and program changes to the NFIP.  If you have any questions, please contact Regional Planner Tylon McGee at 312-603-7257.