lafloodcert

Ok, how about "Preferred Risk." As in, "My home is in zone X, so I have a Preferred Risk insurance policy." Regardless, I get what you are saying and I presume you understood what I meant, as well.

There's no doubt 1% storm of yesterday is not the 1% storm of today. That should have been re-evaluated long ago and should be updated on a regular basis based on rainfall trends. How long have we been clinging on the that rainfall model? I'm glad to hear that Harris Co. is getting out in front of this.

Why not change the mapping / delineations with better storm models? If previously zone X is now high risk based on more realistic storm curves and surface modelling, put them in AE. This makes sense.

I don't see why this couldn't work within the existing framework, unless FEMA/Corps have no clue what the 1% storm (or any probability storm, for that matter) actually looks like. Maybe this is the big takeaway I should have gotten from your previous comment.

Floor, hag, lag elevations in relation to BFE should still be the single most important factor in determining a structure's risk for riverine flooding. 2.0 is now bringing in this vague notion (poorly defined based on my readings) that proximity to a flood source carries a heavy weight in determining a structure's flood risk. Is this to weigh greater than a structure's elevation? I haven't been able to find an answer to that question. As a matter of fact, I have found very little information on how any given structure's risk will be calculated. How is this flooding source defined? Is it a studied water body? A blue line stream? A roadside ditch?

If you're in the know, as it appears based on your comments, I'd be grateful if you could educate me on how all of this will now be calculated.

If we are seeing reports of zone x properties getting premiums rated several times higher that what they were paying as preferred risk, what does this mean for the folks in AE that are substantially below BFE?

quote:

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It's limited to an 18% increase per year

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on existing policies.

So as far as I can tell, most folks don't know this major change to the National Flood Insurance Program is about to happen, starting on Oct 1, 2021.

FEMA is completely revamping the flood insurance program with a new system called Risk 2.0. FEMA has been tight lipped regarding all of the details of the program, including who all is going to be impacted and by how much ($,$$$). Most of the information that we've been able to dig up has been anecdotal, "word on the street" type stuff.

However, we believe that, when implemented, this new system will have widespread and substantial impacts on the cost of flood insurance and will expand on who is required to carry flood insurance (looking at you, Zone X!).

If anybody has insider knowledge on what is about to happen with this (insurance agents, engineers, surveyors, CFM's, etc.), please chime in.

The calls are starting to trickle in on this. One in particular, Zone X via LOMA - quoted $4k / year on the new program.

Risk 2.0

Correction: Zone X will NOT be required to carry under Risk 2.0

"According to FEMA, although flood zones on a FIRM will not be used to calculate a property’s flood insurance premium,
flood zones will still be used for floodplain management purposes, and the boundary of the Special Flood Hazard Area will
still be required for the mandatory purchase requirement."

LINK

Sup! We good. There's 3 of us now.

Been needing to track you down. You a TN PLA? Got something to discuss with you.