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EBC Climate Change Program: FEMA National Flood Insurance Program – Implications of the Flood Insurance Rate Maps
January 28, 2014 @ 6:00 pm - October 21, 2021 @ 7:10 am
The National Flood Insurance Program is comprised of three elements: insurance, mapping and regulation. Two of these elements, mapping and insurance, are currently undergoing major changes. Flood maps are in the process of being updated country-wide. The map updates include significant changes to the engineering analyses, specifically the approaches for coastal areas, used to map flood zones. In New England many of these new maps have already been released and the updated approaches used for generating them have caused significant changes in the extents of flood zones in some areas.
In parallel to the map updates, the Flood Insurance Reform Act of 2012 (Biggert-Waters Act) now requires the premium of any property in a flood zone to accurately reflect flood risk to the property. BW12 is accomplishing this by phasing out flood insurance subsidies until premiums are in line with full actuarial costs and requiring that all new policy premiums are also based on actuarial rates.
Richard Zingarelli, the Massachusetts State NFIP Coordinator and Thomas Young from the NFIP iService team will provide an overview of recent changes and discuss implications for the New England region.
Kelly Knee, Director – Coastal Hazards
Richard Zingarelli, National Flood Insurance Program Coordinator
Massachusetts Department of Conservation and Recreation
Thomas Young, National Flood Insurance Program iService Team
FEMA Region 1 – NFIP B&S Agent