The NFIP Has Expired
Countdown to the NFIP Expiration
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NFIP Heads Towards Lapse
NFIP Looms Towards Lapse As of the writing of this message, Congress has not yet extended the National Flood Insurance Program, which expires at midnight on Friday, December 7th. Presently Congress has proposed a 2 Week extension of the Federal Government spending, which includes a two week extension of the NFIP. There is currently no timeline on a vote on this proposal; we are “cautiously optimistic” the bill will pass by Friday. Last week the NFIP was extended for 7 days, which now link it to the Federal Government’s continuing resolution to keep the government open. Other political issues now decide the fate of a NFIP lapse Friday. The MCC has created consumer guidance for you as an insured to know what to do before, during and after a flood program expiration. Overall, our guidance outlines that: -If you have a flood policy renewing after December 7th, and within the next few weeks, either pay it now or ask for the renewal statement (billed renewals can be paid during a NFIP lapse.) -If you are planning to close on a home after December 7th, PAY FOR THE POLICY NOW. If paid before the program expires, the policy will still becomes effective on […]
NFIP Avoids Lapse For One Week
The House and Senate have passed a bill to extend the NFIP for one week in order to avert a lapse in the program. The 7 day extension will tie the NFIP to the broader federal spending bill (A continuing resolution) which is set to expire on December 7th. The one week extension bill has been passed to the President for signature. The Senate also passed S. 3628, a clean six-month extension for NFIP, that has now been referred to the House. We will be sending updates next week on the status of the NFIP.
NFIP Could Lapse This Friday
NFIP Could Possibly Lapse This Friday As of the writing of this message, Congress has not yet extended the National Flood Insurance Program, which expires at midnight on Friday, November 30th. There is currently no clear path forward, but experts are “cautiously optimistic” a deal will be struck in Congress to avoid an NFIP lapse. This will continue to be an issue as Congress intends to only pass short term extensions for the foreseeable future. There are three possible paths forward as of writing this update: -A lapse of the NFIP -A 7 day extension to align the NFIP with Federal appropriations -A 6 Month extension to allow for appropriate reforms FEMA has issued guidance for insurance companies on how to handle writing new flood policies, policy renewals, and claims during a flood program expiration. The MCC has created consumer guidance for you as an insured to know what to do before, during and after a flood program expiration. Overall, our guidance outlines that: -If you have a flood policy renewing after November 30th, and within the next few weeks, either pay it now or ask for the renewal statement (billed renewals can be paid during a NFIP lapse) -If you are planning to […]
Know Flood News- 2018 Quarter 4
Massachusetts Coastal Coalition 2018 Quarter 4, Edition 1 About Us The mission of the MCC is to educate, advocate, and inform professionals and stakeholders regionally and nationally, on flood hazards. MCC Board of Directors Chair, Joe Rossi, Vice Chair, Tim Williams, Treasurer Steve Amico, Clerk Doris Crary,Director Tim Carty, Director Sue Sullivan, Director Nate Dill, Director Gail Kubik Contact Us email@example.com MCC Adds Two New Faces To The Board Of Directors The MCC is proud to announce the addition of two new members to our board of directors, Gail Kubik and Nathan Dill. Gail KubikGail takes the initiative to innovate and advocate for communities to build urban resilience programs and establish emergency disaster response systems. As an Architectural professional, a public speaker and a resilience consultant, she is recognized as a thought leader in climate adaptation and improving the ‘resilience of place’ through public interest design. Nathan DillNate is a coastal engineer with expertise in coastal processes and flood hazard analyses. He has performed numerical modeling, and data collection and analyses of coastal processes to support environmental impact studies, hydraulic and hydrologic analyses, coastal flooding analyses, effluent discharge and mixing zone studies, sediment transport analyses, […]
Sue’s Success Stories- 2018 Q4 Newsletter
My clients are buying an ocean front second home in Marshfield. The owner paid her mortgage off 7 years ago and canceled her FEMA policy. The property is currently in a VE zone. However, when the policy was canceled, all grandfathering was lost. When the buyers went to purchase flood insurance they were quoted $4,200 – $4,500 cost with a $10,000 deductible. If the bank won’t allow the higher deductible the policy would be even more expensive. If the seller had kept just a small FEMA policy, the buyers flood insurance would have been approximately $1,500 annually. I referred the buyer to the flood insurance experts, Murphy Carty Insurance. They were able to find a private insurer willing to cover the property. The annual policy will be $1,600. **Please note: Private insurers will not provide coverage to all properties You may not be thinking about selling your home now, but please keep in mind your property is much less attractive with an enormous flood insurance policy. The value of your property is negatively affected. Keep a small FEMA policy to protect your investment for yourself and your heirs.
Get Your Opinion Heard
Call For Opinion Columns The MCC will be issuing our first quarterly newsletter on October 15th! If you are getting this email, you will receive our newsletter. As we prepare for the release of our newsletter, we are asking for YOUR participation. Every newsletter will feature an opinion column written by one of our members (meaning you!). We have some guidelines for submissions: 400 to 500 words Opinions must NOT target an individual, agency, community or group Opinions must be written respectfully and have context to a coastal or flood related issue While we expect to have several opinion submissions, we will only be running one per newsletter. We look forward to your input! EMAIL YOUR OPINION SUBMISSION BY OCTOBER 12th TO INFO@KNOWFLOOD.ORG Why the Anti-Concurrent Causation Clause matters to you After Hurricane Florence, the Anti-Concurrent Causation Clause was discussed in depth as it was put to use by insurance companies. What is this clause? According to the clause, if two events — like wind and water damage — occur close together but only one of them is covered, the insurer doesn’t have to pay for either one. Many coastal insurance carriers have a requirement that if your home is in the Special […]
Mandatory Purchase: Bigger Than The Banks
Written By: Joe Rossi, ANFI, CFM Flood Specialist, Rogers and Gray Insurance Chair and Executive Director, Massachusetts Coastal Coalition Tim Carty Owner, Murphy Carty Insurance Director, Massachusetts Coastal Coalition Congress enacted the National Flood Insurance Program (NFIP) in 1968, intending to provide flood coverage because private insurance no longer offered it. By 1973, only 95,000 flood insurance policies were sold nationwide. To increase the program’s acceptance, Congress enacted the Flood Disaster Protection Act (FDPA) in 1974, establishing the “Mandatory Purchase” requirement. It obliged Federally Regulated lending institutions to issue loans in high-risk flood zones only when flood insurance is simultaneously written. The law mandated that if flood insurance is not purchased, the lender must force place coverage on the borrower. This protected the loan from default from flooding and provided high-risk flood coverage. It seems that every flood event brings the NFIP, and its critics, to the forefront of media attention. With each event, such as Hurricane Harvey in 2017, come headlines telling a similar story: mandatory purchase requirement has failed. However, we fail to separate those required to have flood insurance from those who choose not to have coverage. Nearly 85% of Hurricane Harvey’s victims did not […]
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