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STRAFFORD COUNTY BOARD OF REALTORS February 19, 2015: Flood Presentation
Tom Young, CPCU, ARM
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AGENDA
• Overview of the NFIP
• FEMA Floodplain Maps
• Community Floodplain Regulations
• NFIP Flood Insurance
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NFIP
• Community Voluntary participation • Adopt & Enforce regulations
• Flood insurance available to all
• Identified (1%) chance flood areas
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NATIONAL FLOOD INSURANCE PROGRAM
<1950’s – Flood insurance -Standard Homeowner’s policy
1960’s: Private Carriers no longer offer Flood Coverage
1968: Congress created the National Flood Insurance Act
1973: Program amended - Flood Disaster Protection Act
1982: Amended -Coastal Barrier Resources Act
1994: National Flood Insurance Reform Act of 1994
1994: Riegle-Neal Interstate Banking /… Efficiency Act
2012: Biggert-Waters Act
3/21/2014: Homeowners Flood Insurance Affordability Act
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NEW HAMPSHIRE
• 92% participation
• 18 communities out
• 2 suspended
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PROGRAM PLAYERS
• FEMA
• NFIP
• Insurance Agents
• Lenders
• Borrowers
• Real Estate Agents
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CONGRESSIONAL • Lending institutions cannot:
- make,
- increase,
- extend, or
- renew
Loans secured by assets in 1% Special Hazard Area, without flood insurance
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1% ANNUAL CHANCE OF FLOOD
National Standard
requiring purchase of flood insurance & regulating development
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FLOODING OVER TIME
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BASE FLOOD ELEVATION (BFE)
• Height above sea level to which flood water would be expected to rise in a base, 100-year, or 1% chance flood event
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FLOOD INSURNACE RATE MAP ZONES (partial listing)
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Post-Preliminary Phase Timeline
7 d
ays
90 d
ays
Compliance Period
Typical Post Preliminary Phase takes approximately 14-20 months to complete
6 m
onth
s
Es
t. S
ep
tem
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r 2
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5
Se
pte
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er
2, 2
01
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D
ec
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r 1
, 2
01
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t. M
arc
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Ap
ril
9, 2
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Review and Appeal Period
Au
gu
st
26
, 2
01
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Ma
y 8
, 2
01
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New Panel Design
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Summary of Map Changes 2005 Current Maps 2014 Prelim Maps
Orthophotography 1998 2010
LiDAR data No Yes
Vertical Datum National Geodetic Vertical Datum of 1929
North American Vertical Datum of 1988
Zone A No Yes
Coastal Study No (last study in 198os)
Yes
• Coastal Transects 19 82
• Primary Frontal Dune Delineation
N/A Yes
• Wave Set-up and 2% Wave Run-up
N/A Yes
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Municipality Net SFHA Change
(Acres)
Rollinsford -12.5
Madbury -163.4
Durham -168.1
Dover -179.0
Changes between
2005 Current Maps & 2014 Prelim Maps
Change in Special Flood
Hazard Areas (SFHA)
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FEMA Map Service Center
http://msc.fema.gov
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FLOOD INSURANCE
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LENDER’S RELEASE FROM Flood Insurance
ONLY TWO DOCUMENTS!!
• Flood Zone Determination
Letter
• Letter of Map Amendment
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Source: FEMA
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LETTER OF MAP AMENDMENT
• Official process - Floodplain removal
• Only other document accepted by lender to
release from flood insurance
• Prove through elevation data- structure
located higher on ground than BFE
• Up to Lender to Accept!!
• Recommend low-cost Flood Policy
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New York Times: April 16, 2013
“In the coming years, tens of thousands of homeowners in the New York
metropolitan area can expect to choose between elevating their homes,
like the Hogans, and paying higher insurance rates for keeping them low.”
Capozziello, Christopher. “Going Up a Few Feet, and Hoping to Avoid a Storm’s Path.” The New York Times.
15 Apr. 2013 < http://www.nytimes.com/2013/04/16/nyregion/after-hurricane-sandy-homeowners-elevate-
property.html?_r=1& >
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New York Times: April 16, 2013
“That’s a huge factor” said Nancy Rawls Dauk, the real estate broker
selling the property. “It makes it much more valuable.”
Neighbor’s House is not elevated
and is for sale
Across the street, another house
built higher and with no water
during Hurricane Sandy, is listed
for almost twice as much $$
For Sale For Sale
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KEY ITEMS TO ASSIST
If in flood zone, declare it to buyers
Seller has flood policy- offer to assign to buyer
If no elevation certificate, recommend they secure
• Allows buyers to secure flood coverage pricing
• Allows owner and buyer to determine what must be done to mitigate
• Lowers your errors & omission exposure
If representing a buyer,
• Recommend seller secures elevation certificate
• If they don’t, recommend buyer move on
• Pre-qualified buyers- request bank does flood determination prior to
closing- they may not
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Q&A
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Contact Info
Thomas Young, CPCU, ARM
National Flood Insurance Program - iService Team Bureau and Statistical Agency Manager - Region I New England [email protected] PO Box 16321 Hooksett, NH 03106 603-625-5125 Direct
Jennifer Gilbert, CFM, ANFI
NH Office of Energy and Planning
(603) 271-2155
www.nh.gov/oep/planning/program