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Introducing the Massachusetts Coastal Coalition membership program. Grow with us, and receive all the benefits of being a member, all at no cost.
As the Massachusetts Coastal Coalition grows, so does our mission to our stakeholders. The MCC has created a membership program to make stakeholders a participating constituent of the organization. Among other benefits, our membership program comes with an annual member meeting, where members have a chance to get to know the MCC, and help determine its future.
Membership is free, and with a membership, you get access to all of our valuable offerings, which include:
-Access to MCC website downloads
-The MCC “Know Flood News” quarterly newsletter
-Access to past articles, columns, and newsletters
-The “Know Flood Newscast” Podcast and other media offerings
-Education and training
-1 vote at our annual membership meeting
-Legislative input and updates
-Know flood suite of flood risk services*
-And more
Our membership benefits are always growing, and a complete list is available on our membership page. Become a member today, and experience why you need to Know Flood.
Most of our interactions with stakeholders will require you to become a member. To become a member, visit our website and navigate to the “become a member” tab. Answer a few simple questions, then you’re a member! It is just that simple.
NOTE: We are converting our active email list to members. Some of you have already gotten emails with your username (your email) and temporary password. For those users that have not, please follow the link below to register and become a member.
*Flood risk services do not require a membership to use, but you automatically become a MCC member after utilizing one of them.
Update from Q1 newsletter: Map service down for maintenance
After a website crash, the “Know Flood Map Service” FEMA flood map search service is down for some maintenance, but will be back by June. We plan on updating the service to include other critical mapping layers. Our other services are still up and running, and are found on our services tab. We will be releasing more services in our next newsletter!
Coastal Connection
FEMA’S New Rating System Not As Scary As It Seems
Recently, news broke about the roll out of Risk Rating 2.0, the Federal Emergency Management Agency’s redesign of National Flood Insurance Program and how it will determine rates for flood insurance. The Massachusetts Coastal Coalition has followed Risk Rating 2.0 since the beginning of its development. After years of raising red flags and alerting policyholders of possible impending doom, the MCC was able to participate in a debrief of the new rating system, ask questions, and give input recently at the National Flood Association’s annual conference. FEMA was forthright about Risk Rating 2.0 and where its release and design stand. Rates will be released to the public in April 2020, with implementation on single family homes nationwide on October 1, 2020. While much still needs to be clarified and examined, there is growing confidence that the effort to redesign the NFIP is moving in a positive direction.
So, if you’re not familiar, what is Risk Rating 2.0? It might be easier to discuss what Risk Rating 2.0 is not. It is not a Biggert-Waters 2.0. With new technology, rates will be modeled in advance in order to prevent the severe rating consequences we saw in 2012. It is not being done in a vacuum. Some of the brightest minds in the country have been hired to work on Risk Rating 2.0, and a rigorous internal communication strategy has been developed to make sure findings are communicated amongst the industry. Questions remain about how Risk Rating 2.0 will affect premiums and discounts such as grandfathering[GS1] . The rating structure is not finalized, therefore rates don’t exist yet nor do final decisions on grandfathering and other aspects of the current program. Importantly, however, FEMA must stay within the current legislative framework for the flood program, which caps increases and provides other safeguards.
May 31st is the last day of the current NFIP short term extension. In the last few weeks, there has been a flurry of activity both in the US House of Representatives, FEMA, and amongst stakeholders looking for NFIP long term reauthorization and reform.
Early in March, the US House Financial Services Committee released draft legislative language in preparation for a March 13th hearing before the committee. The draft legislation broke the NFIP reform into four parts: Affordability, Claims, Mapping and Mitigation.
The hearing on March 13th consisted of two panels; one with members of the US House who testified on their constituents concerns around the NFIP. Representative Scalise said, “I long believed that the NFIP should not and is not a bipartisan issue”
The second panel was made up of representatives from several different industries. Those that testified were Maria Cox Lamm, South Carolina Department of Natural Resources, on behalf of the Association of State Flood Plain Managers, Chris Heidrick of Heidrick & Company Insurance and Risk Management Services, LLC, on behalf of the Independent Insurance Agents and Brokers of America, Velma Smith, Senior Officer, The Pew Charitable Trusts, Mabel Guzman, Broker, on behalf of the National Association of Realtors, Collin O’Mara, President and CEO, National Wildlife Federation, on behalf of the SmarterSafer Coalition, and Raymond Lehmann, Director of Finance, Insurance and Trade Policy, Street Institute. Topics varied but a common theme arose from the testimony. They were:
Better mapping and a streamlined map approval/appeal process
Real estate disclosures on flood losses and data
More access to flood mapping, loss, and other related data
Access to private flood insurance that should also involve NFIP as part of the marketplace
Mitigation should be increased and continued to be supported
There is consensus that the US House and Senate will not meet the May 31st deadline to pass long term comprehensive NFIP reform. However, this is not due to a lack in progress. There are discussions of extending the NFIP to September 30th or beyond in order for the active legislative progress to continue.
Sue Sullivan is a top producing realtor for 15 years with Coldwell Banker in Scituate and is ranked as the top 15% of Coldwell Banker professionals worldwide for production and exceptional service. Susan became part of the MCC Board of Directors in 2016 to bring her expertise in real estate.
Sue’s Flood Real Estate Tips Get a grant? Might need a loan
Did you know that if you are awarded a Federal grant to elevate and improve your property to protect it from flooding, you must pay for the improvements and wait for reimbursement?
If you need to elevate your home, relocate utilities, or add other flood mitigation measures to reduce the risk of flood damage and lower your flood insurance premiums this may be your best option!!
A Renovation Loan is a great option to mitigate flood damage exposure.
-Available by FHA or FNMA agencies
-Loan based on As-Completed Home Value
-Great for Owners who have Equity but no Cash
-Opportunity for Buyers to improve ‘New Home’
-The Lender vets the contractors then pays them directly as the work is completed.
The following is a perfect example of a local homeowner enjoying the benefits of putting this loan to work for them. “A Marshfield Home Owner used a Renovation Loan to change the layout of their multi-level home. By eliminating the lower level and expanding the upper level, they were able to reduce their flood insurance significantly. More importantly, their home is now much less likely to flood, and they got a new kitchen as well!” Please contact Megan Coleman to assist you through the entire process. Megan Coleman | Senior Loan Officer | Helping Hands Community Partners, Inc. NMLS# 1165962 A 501(c)(3) self-funded nonprofit charitable organization NMLS License# MLO7946 40 Accord Park Dr Ste 203 | Norwell, MA 02061 Direct/Cell: 774-217-5339 MColeman@hhcp.org
NFIP Reverses Course In Allowing Mid Term Cancellations
In April of 2018, it was noted in the FEMA WYO bulletin for October 2018 changes that FEMA would establish Cancellation Reason Code 26 to allow for midterm cancellation of an NFIP policy when a policyholder has obtained a private flood policy. However, in the October 2018 manual, the language was revised to read that the NFIP policy could only be canceled if “the insured did not intend to renew or purchase the NFIP policy”, such as the NFIP policy was renewed by mistake even though a private policy was purchased. This conflict in language, and lack of clarity, dragged on for several months. However, on March 18th, 2019, the NFIP clarified the guidance, saying that the midterm cancelation of an NFIP policy due to the purchase of an private policy would NOT be allowed. The only reason Code 26 can be used is if the NFIP policy is renewed by mistake at time of renewal.
October 1st Changes Announced
Changes for October are limited, but include: -Requirement for insurers to report the Agency National Producer Number (NPN) and the Agent NPN for all new business with a policy effective date on or after October 1, 2019. This is a change only for insurance agents. -Updated Specific Rating Guidelines to include rates for above-grade enclosures (hanging floors and mid-level entries) and non-elevated, non-residential structures with below-grade pit areas (e.g., oil pits). This is specifically for submit for rate structures, which is a small percentage of NFIP business
Tim Carty owns MurphyCarty Insurance Agency, located in Scituate Harbor. His objective is to support policy holders, minimize their risk, and help navigate them through the flood program. Tim has an MBA from Boston University and an undergraduate from Babson College.
Tim’s Flood Savings Tips NFIP: Doesnt have to be expensive- Part 2
(Continued form Q1 Newsletter) Next steps to consider involve getting an elevation certificate from a surveyor (if one has not been generated.) This needs to be considered carefully, because circumstances exist where an Elevation Certificate will not help an insured’s property situation (elevation certificates can now be ordered through the MCC HERE). A good insurance agent should be able to walk through this consideration with a homeowner. Worst case, if an Elevation Certificate does not improve an insured’s cost of coverage, it will provide information to determine a maximum cost for a flood policy. This information may be worth its cost to simply provide some peace of mind. A good insurance agent should be able to walk through this consideration with a homeowner.
Private flood insurance can also be considered and written, but again, only with the guidance of a knowledgeable insurance agent. Many times, private insurance is an excellent solution. Other times, writing a private flood policy might will wipe out benefits on an existing FEMA policy that cannot be regained later.
An important fact to remember in considering is that being in any flood zone or living near a flood zone means flood risk exists. The cost of a flood policy is based on FEMA’s best data for determining the likelihood being flooded. Prudence in reducing costs is the best plan: Most people do not think they will be flooded. Most are correct in that thinking. But not all.
Note from the Chair
Our new membership program is our biggest initiative to date. We are so proud to bring those that we serve closer to what we do. In order to support this, we are bringing our first staff members on board. In our next newsletter, you’ll meet Art McKinney and Nina Vilinova. Their roles will begin to fill out our membership opportunities and programs. In our efforts to bring you even closer to what we do, we will be holding our annual member meeting starting this November. Thank you for your support, and continued membership. I’m proud to now be able to call you our member.
Joe Rossi Chair and Executive Director Massachusetts Coastal Coalition
