Email 5/6/14

Welcome to an update from the Marshfield Citizens Coastal Coalition

On May 1st, FEMA started implementing the first part of the Homeowners Flood Insurance Affordability Act (HFIAA)  The first part implemented will be to reimburse pre-FIRM homeowners who lost their subsidy due to the purchase or sale of a structure, purchase of a new policy, or laps of a policy.  We have a memo on our website that outlines this.  The link is below:

In regards to the rest of the law, after discussion with NFIP, it will take about another month for the law to be legally interpreted.  There is also word that new rate tables could take 8 months to create.  We are still waiting for these issues to settle out.

In regards to grandfathering, there is new information that we will be focusing heavily on going forward.  For structures that are going to be added to the flood maps for the first time, the new law says that, upon the flood maps going active, those structures will be required to carry flood insurance at the Preferred Risk Policy (PRP) rate, which is very low.  HOWEVER, if you do not have a PRP at the time the flood maps go active, you will only retain this low rate for one year, then you will see normal increases, up to 18% a year, until you reach full risk (determined by yet to be created rate tables).  If you DO have a PRP by the time the flood maps go active, you will be locked into this low rate indefinitely.  Bottom line: Get a PRP BEFORE the flood maps go active.  We will be holding education seminars over the summer to make sure people understand this.  Info on the PRP is found here under download #8:

Remember: you can only get a PRP if your current location is outside a V or A zone!

The month of May, we will be doing two flood seminars in the city of Quincy.  One on May 6th at 7:00pm at the Fore Rive Club House, and one May 14th at 7:00pm at the Best Western Adams Inn 29 Hancock Street Quincy.  While Plymouth County’s maps are in a delay, Quincy, in Norfolk County, will have maps active this June.  We are trying the best we can to educate as may people as possible to get a PRP before the maps go active.