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 | Oct 10, 2017
New guidelines for quality control on application of membrane roof systems released
NRCA document provides guidance for on-site evaluation.
Codes and Standards | Oct 9, 2017
New app calculates maximum allowable heights for building occupancy types, classes of construction
The app streamlines compliance on various types of construction.
Codes and Standards | Oct 5, 2017
California lawmakers pass bill that requires GCs to pay wages of sub employees if subs fail to pay
The measure will go into effect in January if the governor signs it.
Codes and Standards | Oct 4, 2017
Ambitious but realistic increase in clean energy would cut GHG emissions by 80% in the U.S.
NRDC report says goal can be achieved with existing tools.
Codes and Standards | Oct 3, 2017
Reducing duct leakage is focus on latest green building standards updates
ASHRAE 189.1 broadens testing requirements to include more types of ducts.
Codes and Standards | Oct 2, 2017
Nationwide retrofit strategy in Canada could cut 51% of emissions from large buildings
The roadmap provides government and industry with a targeted plan.
Codes and Standards | Sep 28, 2017
Resources available for new OSHA respirable crystalline silica regulation
NRCA offers compliance tools for contractors.
Codes and Standards | Sep 28, 2017
New tool compares HVAC system efficiency
IAPMO and Hydronics Industry Alliance unveil BEST to evaluate systems in early design phase.
Codes and Standards | Sep 26, 2017
Anti-drone technology can ward off unauthorized drone flights
The technology can be used to prevent terrorist attacks and spying.
Codes and Standards | Sep 25, 2017
How-to guide to renovating shopping centers available
E.U. research project focuses on energy efficiency and occupant comfort.