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re: Flood insurance premiums in parts of Louisiana are about to skyrocket
Posted on 2/7/22 at 4:19 pm to cyogi
Posted on 2/7/22 at 4:19 pm to cyogi
They have made huge changes to the calculations:
FEMA is using better mapping and data analysis (AI I guess) to factor each individual property's risk instead of just going by what zone a property is in. This includes the attributes of the property itself like the elevation of the lowest floor in relation to the flood risk and the value of the property.
They are also incorporating finer detail in the risk assessment adding more variables to the types of floodings that could happen.
So the zone doesn't mean nearly as much as it did, it's the specific risk for the property.Plus the value of the property carries more weight.
FEMA is using better mapping and data analysis (AI I guess) to factor each individual property's risk instead of just going by what zone a property is in. This includes the attributes of the property itself like the elevation of the lowest floor in relation to the flood risk and the value of the property.
They are also incorporating finer detail in the risk assessment adding more variables to the types of floodings that could happen.
So the zone doesn't mean nearly as much as it did, it's the specific risk for the property.Plus the value of the property carries more weight.
4
Posted on 2/7/22 at 4:21 pm to Diseasefreeforall
quote:
They have made huge changes to the calculations:
FEMA is using better mapping and data analysis (AI I guess) to factor each individual property's risk instead of just going by what zone a property is in. This includes the attributes of the property itself like the elevation of the lowest floor in relation to the flood risk and the value of the property.
They are also incorporating finer detail in the risk assessment adding more variables to the types of floodings that could happen.
So the zone doesn't mean nearly as much as it did, it's the specific risk for the property.Plus the value of the property carries more weight
So how does this apply to homes in zone x who haven’t had to carry flood insurance thus far?
Posted on 2/7/22 at 4:21 pm to Diseasefreeforall
Didn't new maps just come out?
Posted on 2/7/22 at 7:05 pm to Diseasefreeforall
quote:
FEMA is using better mapping and data
False. The models that FEMA uses are extremely simplistic.
Nobody knows how Risk Rating 2.0 actually works because FEMA is not allowing people to review the coding. Someone will find a way to reverse engineer it in time, but the fact that they are hiding it from plain sight makes me very skeptical of it's intent.
Posted on 2/7/22 at 7:26 pm to Diseasefreeforall
quote:And all these years I thought flood zones and BFE’s vs lowest floor elevation was a pretty specific way of assessing a property’s flood risk.
So the zone doesn't mean nearly as much as it did, it's the specific risk for the property.
Why did FEMA go spend all that money updating the flood maps for so much of SELA in recent years if flood zones and BFE are essentially meaningless now?
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