Affordability of National Flood Insurance Program Premiums

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Publisher : National Academies Press
ISBN 13 : 0309380804
Total Pages : 151 pages
Book Rating : 4.3/5 (93 download)

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Book Synopsis Affordability of National Flood Insurance Program Premiums by : National Academies of Sciences, Engineering, and Medicine

Download or read book Affordability of National Flood Insurance Program Premiums written by National Academies of Sciences, Engineering, and Medicine and published by National Academies Press. This book was released on 2016-01-21 with total page 151 pages. Available in PDF, EPUB and Kindle. Book excerpt: When Congress authorized the National Flood Insurance Program (NFIP) in 1968, it intended for the program to encourage community initiatives in flood risk management, charge insurance premiums consistent with actuarial pricing principles, and encourage the purchase of flood insurance by owners of flood prone properties, in part, by offering affordable premiums. The NFIP has been reauthorized many times since 1968, most recently with the Biggert-Waters Flood Insurance Reform Act of 2012 (BW 2012). In this most recent reauthorization, Congress placed a particular emphasis on setting flood insurance premiums following actuarial pricing principles, which was motivated by a desire to ensure future revenues were adequate to pay claims and administrative expenses. BW 2012 was designed to move the NFIP towards risk-based premiums for all flood insurance policies. The result was to be increased premiums for some policyholders that had been paying less than NFIP risk-based premiums and to possibly increase premiums for all policyholders. Recognition of this possibility and concern for the affordability of flood insurance is reflected in sections of the Homeowner Flood Insurance Affordability Act of 2014 (HFIAA 2014). These sections called on FEMA to propose a draft affordability framework for the NFIP after completing an analysis of the efforts of possible programs for offering "means-tested assistance" to policyholders for whom higher rates may not be affordable. BW 2012 and HFIAA 2014 mandated that FEMA conduct a study, in cooperation with the National Academies of Sciences, Engineering, and Medicine, which would compare the costs of a program of risk-based rates and means-tested assistance to the current system of subsidized flood insurance rates and federally funded disaster relief for people without coverage. Production of two reports was agreed upon to fulfill this mandate. This second report proposes alternative approaches for a national evaluation of affordability program policy options and includes lessons for the design of a national study from a proof-of-concept pilot study.

Affordability of National Flood Insurance Program Premiums

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Author :
Publisher : National Academies Press
ISBN 13 : 0309371287
Total Pages : 166 pages
Book Rating : 4.3/5 (93 download)

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Book Synopsis Affordability of National Flood Insurance Program Premiums by : National Research Council

Download or read book Affordability of National Flood Insurance Program Premiums written by National Research Council and published by National Academies Press. This book was released on 2015-08-06 with total page 166 pages. Available in PDF, EPUB and Kindle. Book excerpt: The National Flood Insurance Program (NFIP) is housed within the Federal Emergency Management Agency (FEMA) and offers insurance policies that are marketed and sold through private insurers, but with the risks borne by the U.S. federal government. NFIP's primary goals are to ensure affordable insurance premiums, secure widespread community participation in the program, and earn premium and fee income that covers claims paid and program expenses over time. In July 2012, the U.S. Congress passed the Biggert-Waters Flood Insurance Reform and Modernization Act (Biggert-Waters 2012), designed to move toward an insurance program with NFIP risk-based premiums that better reflected expected losses from floods at insured properties. This eliminated policies priced at what the NFIP called "pre-FIRM subsidized" and "grandfathered." As Biggert-Waters 2012 went into effect, constituents from multiple communities expressed concerns about the elimination of lower rate classes, arguing that it created a financial burden on policy holders. In response to these concerns Congress passed The Homeowner Flood Insurance Affordability Act of 2014 (HFIAA 2014). The 2014 legislation changed the process by which pre-FIRM subsidized premiums for primary residences would be removed and reinstated grandfathering. As part of that legislation, FEMA must report back to Congress with a draft affordability framework. Affordability of National Flood Insurance Program Premiums: Report 1 is the first part of a two-part study to provide input as FEMA prepares their draft affordability framework. This report discusses the underlying definitions and methods for an affordability framework and the affordability concept and applications. Affordability of National Flood Insurance Program Premiums gives an overview of the demand for insurance and the history of the NFIP premium setting. The report then describes alternatives for determining when the premium increases resulting from Biggert-Waters 2012 would make flood insurance unaffordable.

The National Flood Insurance Program

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Author :
Publisher : Createspace Independent Publishing Platform
ISBN 13 : 9781976351860
Total Pages : 44 pages
Book Rating : 4.3/5 (518 download)

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Book Synopsis The National Flood Insurance Program by : United States Congressional Budget Office

Download or read book The National Flood Insurance Program written by United States Congressional Budget Office and published by Createspace Independent Publishing Platform. This book was released on 2017-09-14 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: The National Flood Insurance Program (NFIP) was established in 1968 to provide insurance that had proved difficult for the private sector to provide at affordable rates and to promote floodplain management. Authorization for the program, which is administered by the Federal Emergency Management Agency (FEMA), expires on September 30, 2017. Lawmakers have sought information from the Congressional Budget Office about the NFIP's financial soundness and its affordability for policyholders. CBO analyzed roughly 5 million policies in effect on August 31, 2016, which approximate the policies currently in place. The agency assessed the program's financial soundness by comparing expected annual costs and premiums; expected costs included estimates of expected claims projected using commercially available models that simulate large numbers of potential flooding events along with their probability. To assess the NFIP's affordability for policyholders, CBO compared premiums with household income. CBO's estimate of expected claims accounts for low-probability, high-cost events, such as Hurricane Harvey, which first made landfall in Texas one week before this report was published. As a result, the estimate is probably greater than actual costs would be in a typical year, although lower than costs could be in the aftermath of a catastrophic storm.

Le Camouflet donné a la ville de Paris, pour la reveiller de sa lethargie

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Publisher :
ISBN 13 :
Total Pages : 18 pages
Book Rating : 4.:/5 (249 download)

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Book Synopsis Le Camouflet donné a la ville de Paris, pour la reveiller de sa lethargie by :

Download or read book Le Camouflet donné a la ville de Paris, pour la reveiller de sa lethargie written by and published by . This book was released on 1652 with total page 18 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The Affordability Goal and Prices in the National Flood Insurance Program

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Publisher :
ISBN 13 :
Total Pages : 29 pages
Book Rating : 4.:/5 (11 download)

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Book Synopsis The Affordability Goal and Prices in the National Flood Insurance Program by : Matthew E. Kahn

Download or read book The Affordability Goal and Prices in the National Flood Insurance Program written by Matthew E. Kahn and published by . This book was released on 2017 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: The United States Gulf Region features areas that face significant flood risk. Climate change may further elevate this risk. Home owners in such areas face potentially large asset losses and property maintenance costs. Anticipating these challenges, the Federal government has enacted a complex set of policies through its National Flood Insurance Program (NFIP). The NFIP offers reduced insurance rates for homes built before rate maps were drawn and grandfathers rates for homes when new maps increase their risk ratings. This paper asks if the goal of affordable NFIP insurance rates for the high risk Gulf Coast areas is warranted? We compare the income distribution of the set of people who live in the areas that face the highest risk of flooding relative to nearby areas. Our findings imply reduced rates for high risk areas cannot be justified based on the assumption that low income households live in these areas.

Floodplain Management Handbook

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Publisher :
ISBN 13 :
Total Pages : 100 pages
Book Rating : 4.:/5 (327 download)

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Book Synopsis Floodplain Management Handbook by : H. James Owen

Download or read book Floodplain Management Handbook written by H. James Owen and published by . This book was released on 1981 with total page 100 pages. Available in PDF, EPUB and Kindle. Book excerpt:

National Flood Insurance Program

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Publisher :
ISBN 13 :
Total Pages : 620 pages
Book Rating : 4.0/5 (17 download)

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Book Synopsis National Flood Insurance Program by : United States. Congress. Senate. Committee on Governmental Affairs. Subcommittee on Governmental Efficiency and the District of Columbia

Download or read book National Flood Insurance Program written by United States. Congress. Senate. Committee on Governmental Affairs. Subcommittee on Governmental Efficiency and the District of Columbia and published by . This book was released on 1978 with total page 620 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Insurance and Behavioral Economics

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Author :
Publisher : Cambridge University Press
ISBN 13 : 0521845726
Total Pages : 343 pages
Book Rating : 4.5/5 (218 download)

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Book Synopsis Insurance and Behavioral Economics by : Howard C. Kunreuther

Download or read book Insurance and Behavioral Economics written by Howard C. Kunreuther and published by Cambridge University Press. This book was released on 2013-01-28 with total page 343 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines the behavior of individuals at risk and insurance industry policy makers involved in selling, buying and regulation.

Levees and the National Flood Insurance Program

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Publisher : National Academies Press
ISBN 13 : 0309282934
Total Pages : 275 pages
Book Rating : 4.3/5 (92 download)

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Book Synopsis Levees and the National Flood Insurance Program by : National Research Council

Download or read book Levees and the National Flood Insurance Program written by National Research Council and published by National Academies Press. This book was released on 2013-07-18 with total page 275 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Federal Emergency Management Agency's (FEMA) Federal Insurance and Mitigation Administration (FIMA) manages the National Flood Insurance Program (NFIP), which is a cornerstone in the U.S. strategy to assist communities to prepare for, mitigate against, and recover from flood disasters. The NFIP was established by Congress with passage of the National Flood Insurance Act in 1968, to help reduce future flood damages through NFIP community floodplain regulation that would control development in flood hazard areas, provide insurance for a premium to property owners, and reduce federal expenditures for disaster assistance. The flood insurance is available only to owners of insurable property located in communities that participate in the NFIP. Currently, the program has 5,555,915 million policies in 21,881 communities3 across the United States. The NFIP defines the one percent annual chance flood (100-year or base flood) floodplain as a Special Flood Hazard Area (SFHA). The SFHA is delineated on FEMA's Flood Insurance Rate Maps (FIRM's) using topographic, meteorologic, hydrologic, and hydraulic information. Property owners with a federally back mortgage within the SFHAs are required to purchase and retain flood insurance, called the mandatory flood insurance purchase requirement (MPR). Levees and floodwalls, hereafter referred to as levees, have been part of flood management in the United States since the late 1700's because they are relatively easy to build and a reasonable infrastructure investment. A levee is a man-made structure, usually an earthen embankment, designed and constructed in accordance with sound engineering practices to contain, control, or divert the flow of water so as to provide protection from temporary flooding. A levee system is a flood protection system which consists of a levee, or levees, and associated structures, such as closure and drainage devices, which are constructed and operated in accordance with sound engineering practices. Recognizing the need for improving the NFIP's treatment of levees, FEMA officials approached the National Research Council's (NRC) Water Science and Technology Board (WSTB) and requested this study. The NRC responded by forming the ad hoc Committee on Levee and the National Flood Insurance Program: Improving Policies and Practices, charged to examine current FEMA treatment of levees within the NFIP and provide advice on how those levee-elated policies and activities could be improved. The study addressed four broad areas, risk analysis, flood insurance, risk reduction, and risk communication, regarding how levees are considered in the NFIP. Specific issues within these areas include current risk analysis and mapping procedures behind accredited and non-accredited levees, flood insurance pricing and the mandatory flood insurance purchase requirement, mitigation options to reduce risk for communities with levees, flood risk communication efforts, and the concept of shared responsibility. The principal conclusions and recommendations are highlighted in this report.

National Flood Insurance Program - Increased Cost of Compliance Coverage Guidance for State and Local Officials

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Author :
Publisher : FEMA
ISBN 13 :
Total Pages : 167 pages
Book Rating : 4./5 ( download)

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Book Synopsis National Flood Insurance Program - Increased Cost of Compliance Coverage Guidance for State and Local Officials by :

Download or read book National Flood Insurance Program - Increased Cost of Compliance Coverage Guidance for State and Local Officials written by and published by FEMA. This book was released on with total page 167 pages. Available in PDF, EPUB and Kindle. Book excerpt:

National Flood Insurance Program

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Publisher :
ISBN 13 :
Total Pages : 15 pages
Book Rating : 4.:/5 (125 download)

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Book Synopsis National Flood Insurance Program by : Diane P. Horn

Download or read book National Flood Insurance Program written by Diane P. Horn and published by . This book was released on 2021 with total page 15 pages. Available in PDF, EPUB and Kindle. Book excerpt: Risk Rating 2.0 will continue the overall policy of phasing out NFIP subsidies,which began with the Biggert-Waters Flood Insurance Reform Act of 2012 and continued with the Homeowner Flood Insurance Affordability Act of 2014. Under the change, premiums for individual properties will be tied to their actual flood risk. Because the limitations on annual premium increases are set in statute, Risk Rating 2.0 will not be able to increase rates faster than the existing limit for primary residences of 5%-18% increase per year.

The National Flood Insurance Program

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Publisher :
ISBN 13 :
Total Pages : 80 pages
Book Rating : 4.:/5 (31 download)

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Book Synopsis The National Flood Insurance Program by : Illinois. Governor's Task Force on Flood Control

Download or read book The National Flood Insurance Program written by Illinois. Governor's Task Force on Flood Control and published by . This book was released on 1974 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt:

A Community-Based Flood Insurance Option

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Publisher : National Academies Press
ISBN 13 : 0309374715
Total Pages : 102 pages
Book Rating : 4.3/5 (93 download)

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Book Synopsis A Community-Based Flood Insurance Option by : National Academies of Sciences, Engineering, and Medicine

Download or read book A Community-Based Flood Insurance Option written by National Academies of Sciences, Engineering, and Medicine and published by National Academies Press. This book was released on 2015-10-08 with total page 102 pages. Available in PDF, EPUB and Kindle. Book excerpt: River and coastal floods are among the nation's most costly natural disasters. One component in the nation's approach to managing flood risk is availability of flood insurance policies, which are offered on an individual basis primarily through the National Flood Insurance Program (NFIP). Established in 1968, the NFIP is overseen by the Federal Emergency Management Agency (FEMA) and there are about 5.4 million individual policies in the NFIP. The program has experienced a mixture of successes and persistent challenges. Successes include a large number of policy holders, the insurance of approximately $1.3 trillion of property, and the fact that the large majority of policy holders - 80% - pay rates that are risk based. NFIP challenges include large program debt, relatively low rates of purchase in many flood-prone areas, a host of issues regarding affordability of premiums, ensuring that premiums collected cover payouts and administrative fees, and a large number of properties that experience severe repetitive flood losses. At the request of FEMA, A Community-Based Flood Insurance Option identifies a range of key issues and questions that would merit consideration and further analysis as part of a community-based flood insurance program. As the report describes, the community-based option certainly offers potential benefits, such as the prospect of providing coverage for all (or nearly all) at-risk residents and properties in flood-prone communities. At the same time, many current challenges facing the NFIP may not necessarily be resolved by a community-based approach. This report discusses these and other prominent issues to be considered and further assessed.

Socioeconomic Effects of the National Flood Insurance Program

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Publisher : Springer
ISBN 13 : 3319290630
Total Pages : 124 pages
Book Rating : 4.3/5 (192 download)

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Book Synopsis Socioeconomic Effects of the National Flood Insurance Program by : James P. Howard, II

Download or read book Socioeconomic Effects of the National Flood Insurance Program written by James P. Howard, II and published by Springer. This book was released on 2016-04-20 with total page 124 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Brief presents a benefit-cost analysis of the National Flood Insurance Program (NFIP) as well as an evaluation of its cumulative socioeconomic effects. Created by Congress in 1968, the NFIP provides flood insurance protection to property owners, in return for local government commitment to sound floodplain management. Since 1994, the NFIP has included a Flood Mitigation Assistance (FMA) program to provide local communities with support for flood mitigation. This book offers quantitative evidence of the net social benefit of the NFIP for the years 1996-2010, including an independent assessment of the consumer benefit. Second, it provides distributionally weighted analysis to show the socioeconomic effects of payments and claims. Finally, this Brief includes an analysis of the change in government revenue attributable to the NFIP and FMA programs. The models used in each component of the analysis are usable by others for extending and revising the analysis. Providing a comprehensive analysis of this increasingly important federal policy, this Brief will be of use to students of environmental economics and public policy as well as those interested in risk management in the era of climate change.

Flood Insurance

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Publisher :
ISBN 13 :
Total Pages : 28 pages
Book Rating : 4.F/5 ( download)

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Book Synopsis Flood Insurance by : United States. General Accounting Office

Download or read book Flood Insurance written by United States. General Accounting Office and published by . This book was released on 1988 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt:

National Flood Insurance Program

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Publisher :
ISBN 13 :
Total Pages : 170 pages
Book Rating : 4.3/5 (121 download)

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Book Synopsis National Flood Insurance Program by :

Download or read book National Flood Insurance Program written by and published by . This book was released on 1975 with total page 170 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Riegle Community Development and Regulatory Improvement Act of 1994

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Publisher :
ISBN 13 :
Total Pages : 136 pages
Book Rating : 4.3/5 (121 download)

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Book Synopsis Riegle Community Development and Regulatory Improvement Act of 1994 by : United States

Download or read book Riegle Community Development and Regulatory Improvement Act of 1994 written by United States and published by . This book was released on 1994 with total page 136 pages. Available in PDF, EPUB and Kindle. Book excerpt: