FEMA’s new flood insurance plan will drastically raise the cost of insuring coastal properties.
Called Risk Rating 2.0, the recently released plan is widely believed to more accurately reflect flood risks. But it is also likely to lead to a decreased property values along with higher insurance premiums.
Risk Rating 2.0 is the first major update to the government insurance program’s risk analysis system since the National Flood Insurance Program emerged in the late 1960s. The old system provided a flat risk estimate for an entire floodplain. The new system estimates the individual risk facing each home, incorporating new data about water dynamics and replacement costs.
The old system did not consider the replacement cost of a house, so owners of low-value homes subsidized those with more valuable properties. Homeowners will now pay premiums for the specific flood risk for their home, rather than for their general area.
Related Stories
Codes and Standards | Nov 2, 2017
ASHRAE releases new version of Thermal Comfort Standard
Update includes calculations from direct solar radiation.
Codes and Standards | Nov 1, 2017
Drone users can now get instant authorization from FAA
Skyward offers app to receive permission for low altitude flights.
Codes and Standards | Oct 31, 2017
Real estate giant launches global tenant health and wellness certification initiative
Tishman Speyer will use Fitwel health certification system to guide building improvements.
Codes and Standards | Oct 30, 2017
AIA revises architect scope documents in latest contract form release
Design-bid-build forms last updated in 2007.
Codes and Standards | Oct 26, 2017
Boston’s Old South Church asks tower developer for $19 million for casting shade
Request highlights ongoing conflict between developers and residents over right to sunshine.
Codes and Standards | Oct 24, 2017
Asphalt roofing design guide now available in digital form
Recently updated Modified Bitumen Design Guide can be viewed on smartphones and tablets.
Codes and Standards | Oct 23, 2017
Energy efficiency investments on the rise; will increase next year
Survey of facility management executives shows onsite renewables, energy storage will spike in 2018.
Codes and Standards | Oct 20, 2017
AIA contract document updates include new BIM, digital data provisions
Documents are structurally different from 2007, 2008 versions.
Codes and Standards | Oct 19, 2017
IAPMO seeks proposals for 2021 Uniform Plumbing Code, Uniform Mechanical Code
The deadline is March 16, 2018.
Codes and Standards | Oct 18, 2017
States impacted by hurricanes are improving their energy efficiency policies
Florida, Texas, rise in ACEEE state energy efficiency scorecard.