The Biden administration’s proposed major overhaul to the National Flood Insurance Program, or NFIP, would drastically alter how Americans protect homes and businesses against flooding.
The administration recently announced 17 legislative proposals that would represent the biggest reform to the NFIP since the program’s inception. One change would be a nationwide disclosure law that would ensure that prospective homeowners and renters have a property’s flood history before signing a contract. Today, 21 states have no such law.
Another proposal would prevent NFIP from issuing any new insurance policies for commercial buildings no matter where they’re located or when they were built because FEMA says it wants to promote growth in the private flood insurance market. Americans hoping to build new homes on eroding beaches and other flood-prone areas would also have to look elsewhere for insurance.
Homeowners would have to go to private insurance companies, which typically charge more expensive insurance premiums. People who hold mortgages on properties that flood multiple times and require insurance payouts of at least $10,000 each time, could lose access to government insurance on their properties after the fourth claim.
The proposals must pass Congress to become law, but there is support from both sides of the political aisle with a view that the status quo is becoming financially unsustainable.
Related Stories
Codes and Standards | Sep 5, 2018
New White Paper on Metal Panel Fire Safety Released
Has detailed information for insulation, fire safety requirements in U.S., other countries.
Codes and Standards | Aug 31, 2018
Trade war could make adaptive reuse more attractive
Higher cost of building materials could make rehab a better financial bet.
Codes and Standards | Aug 30, 2018
Metrics should guide strategy for schools seeking LEED certification
Assessing current status helps direct where improvements can have greatest impact.
Codes and Standards | Aug 29, 2018
The 2018 IAPMO solar and swimming pool codes now available
For installation and inspection of public and private swimming pools, spas, and hot tubs.
Codes and Standards | Aug 28, 2018
New York’s green roof program needs reform
Despite incentives, few owners add vegetative roofs.
Codes and Standards | Aug 24, 2018
Resilience, sustainability emphasized in plans for new 23,000-acre city in the Philippines
“A backup for when Manila fails.”
Codes and Standards | Aug 23, 2018
Cities promote deconstruction of old homes with mixed results
Market factors complicate efforts to recycle material from old structures.
Codes and Standards | Aug 22, 2018
Oregon is first state to change building code to allow tall mass timber buildings
Statewide alternate method allows early technical consideration and approval.
Codes and Standards | Aug 21, 2018
First mass timber panel made from structural composite lumber gets APA certification
Said to be much more cost effective than CLT options.
Codes and Standards | Aug 17, 2018
Zoning changes can be crucial to filling large, empty retail spaces
Alternative uses often require action by local officials.