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 22, 2019
Efficient material design, low-carbon concrete are critical to cutting GHG emissions in construction
Enhancing building utilization and reusing materials also aid carbon reduction.
Codes and Standards | Oct 21, 2019
Historic properties not exempt from Americans With Disabilities Act
Some exceptions do apply.
Codes and Standards | Oct 18, 2019
St. Louis could save $61 million per year in energy costs by improved building performance
GHG gases can be reduced by at least 11% with upgrades to public buildings and large private buildings.
Codes and Standards | Oct 17, 2019
Slow payments cost GCs and subs $64 billion annually
Study finds 51-day average payment turnaround.
Codes and Standards | Oct 16, 2019
Cool pavement can make people hotter
Reflective coatings channel sunlight raising temperatures where pedestrians walk.
Codes and Standards | Oct 15, 2019
Utah adopts 2018 International Energy Conservation Code
Provisions include increased building envelope performance and reduced air infiltration.
Codes and Standards | Oct 14, 2019
States continue to beef up energy efficiency codes
ACEEE 50-state scorecard finds latest IECC code gaining adherents.
Codes and Standards | Oct 9, 2019
DOE releases Better Buildings Healthcare Financing Primer
Outlines financial strategies to implement energy-efficiency projects in healthcare.
Codes and Standards | Oct 8, 2019
Zero Carbon Buildings for All aims for ambitious emission reduction targets
Organization makes commitment to net zero carbon for all buildings by 2050.
Codes and Standards | Oct 7, 2019
Tailgating remains a critical building security threat, say security professionals
Few buildings provide beefed up provisions to counteract threat.