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 21, 2016
Green Bond Guidelines for the Real Estate Sector updated
The market growth is a signal of future opportunities.
Codes and Standards | Oct 20, 2016
What top-ranked energy efficiency states are doing right on codes, utility mandates
Calif., and Mass., use aggressive targets to lead nation.
Codes and Standards | Oct 20, 2016
New cross-laminated timber fire tests back proponents of high-rise wood structures
'Demonstrating for the first time the feasibility of tall mass timber buildings in the U.S.’
Codes and Standards | Oct 14, 2016
ASCE issues first tsunami-safe building standards
The new standards will become part of international building code.
Codes and Standards | Oct 12, 2016
Making concrete greener
The high energy-consuming material can be made more sustainably.
Codes and Standards | Oct 11, 2016
Historic preservation moving beyond saving grand old buildings
National Trust for Historic Preservation CEO says the focus is on saving cities, not just buildings
Codes and Standards | Oct 10, 2016
Los Angeles voters will decide whether high-density developments should be harder to build
A March vote on the Neighborhood Integrity Initiative would put 2-year ban on zoning changes
Codes and Standards | Oct 10, 2016
New sustainable landscape development and management credential launched
GBCI offered the first testing opportunity Oct. 3 at Greenbuild
Codes and Standards | Oct 6, 2016
Obama administration will spend $80 million for smart cities initiatives
The technology is targeted for climate, transportation, resiliency.
Codes and Standards | Oct 6, 2016
New York City files criminal charges on owner for deadly building façade accident
The owner allegedly did not heed warning about danger of the crumbling exterior.
