Recently WAVY TV-10 interviewed several locals involved in fighting the Biggert-Waters Act of 2012.
To see the Flood Insurance segment WAVY TV10 did click here. There are a couple of different segments so use the cursor to the right to scroll through the coverage.
The segments were edited from lengthy interviews and did not focus attention on the detrimental impact of the loss of “grandfathering”. Under the Biggert-Waters Flood Insurance Reform Act of 2012, when flood maps are revised and updated and the zone and base flood elevation changes on a structure – then the policyholder has to pay the rate that corresponds with that risk. What this means is that if your home was built to or above the FEMA base flood elevation at time of construction, and a new map shows that your home is now in a riskier zone (VE, AE) and below base flood – you could see a premium increase of up to 2000%. The increase would be phased in over five years. Preliminary flood maps are expected to be released in various counties in North Carolina in 2014 but won’t be final and approved until 2015.
Additional concern for selling a home with a changed flood zone or base elevation. The buyer does not get the 5 year phase in, they are billed the entire new risk amount upon purchase. This will greatly affect prices and qualification of buyers.
Affordability studies MUST be done. It doesn’t seem that Congress took this into consideration before passing this bill.
We need everyone to CALL TODAY.
Although there is a government shutdown, you can still contact your representatives regarding changes to the National Flood Insurance Program.
Call Senators Burr and Hagan’s office to support our efforts to delay implementation of the bill.
Please take 5 minutes and contact Senator Richard Burr’s Office (202) 224-3154 and Senator Kay Hagan’s Office (202) 224-6342.
Ask to talk to their Chief of Staff. You may get voice mail – please leave a message with the following three points:
1. I am ________________from _________ and I am asking you to first “do no harm”.
2. Delay the rate increases to flood insurance created by the Biggert-Waters Act until the affordability study is completed.
3. Amend the Act to create true affordability and fairness for all homeowners.
