A NOTE FROM THE CHAIR By Alex Yescas Happy Spring FMA Members, I am hoping that you are all doing well and preparing for a busy year. In fact, perhaps we should all be preparing for a busy several years, based on recent news out of Washington, D.C. President Biden introduced a $2 trillion plan in late March to overhaul and upgrade the nation’s infrastructure. Among its goals are to create thousands of miles of rebuilt roads, implement vital repairs to important bridges around the U.S., and eliminate lead pipes from the nation’s water supplies; administration officials hope this will create millions of jobs in the short run and strengthen American competitiveness in the long run. Earlier this year, President Biden reinstated the federal Flood Risk Management Standard, which had required federally funded infrastructure to be built with a higher margin of safety against extreme floods and sea level rise. In the aftermath of the COVID-19 crisis, the president is saying that the goal is to create a resilient, innovative economy for the nation’s future. The overall package is being reviewed by lawmakers, but there is plenty of optimism that in the end, this will most likely benefit our flood risk reduction projects. I am hoping that many of the projects that we have planned will be well funded and implemented under this package. Stay tuned.
In other important floodplain news, FEMA has released the rating system RISK RATING 2.0. This system will leverage best practices and latest technology to enable FEMA to deliver rates that are actuarily sound, equitable, easier to understand, and better reflect a property’s flood risk. The new methodology allows FEMA to equitably distribute premiums across all policyholders based on the value of their home and the flood risk of their property. Currently, many policyholders with lower value homes are paying more than they should and policyholders with higher value homes are paying less than they should. The new system will be implemented in phases: • Phase I. New policies beginning October 1, 2021, will be subject to the new rating methodology. Also beginning October 1, existing policyholders eligible for renewal will be able to take advantage of immediate decreases in their premiums. • Phase II. All remaining policies renewing on or after April 1, 2022, will be subject to the new rating methodology. FEMA continues to engage with Congress, its industry partners and state, local, tribal and territorial agencies to ensure clear understanding of these changes.
SAVE THE DATE California Extreme Precipitation Symposium (CEPSYM) Exploring Floods in California’s Central Valley from a Climate Perspective June 22 & 23, 2021 – Virtual Format Floodplain Management Association Annual Conference September 7-10, 2021 - Virtual via the Hubilo Platform
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