FEDERAL/NATIONAL NEWS For an Update of the latest disaster declarations visit: CLICK HERE
For information on Flood Insurance Reform – Rates and Refunds CLICK HERE
Advisor Update FEMA Updates for FMA Board: May 2021
• FEMA is modernizing flood insurance rating in an effort called Risk Rating 2.0, or RR2.0. Information is available at NFIP TRANSFORMATION with details distributed April 1, 2021. Updated rates take effect October 1, 2021, for new policyholders and on April 1, 2022, for existing policy renewals. New premiums better account for flood risk and home value, with more expensive buildings costing more to insure. RR2.0 does not impact the minimum purchase requirement nor floodplain management aspects directly. Information on the current rating structure and RR2.0 is online from CONGRESSIONAL RESEARCH SERVICE. The National Flood Insurance Program (NFIP) is authorized until the end of the federal fiscal year (September 30, 2021). Discussion on legislative reform for the program has been quiet. • Deanne Criswell is the next FEMA administrator; she previously was the commissioner of the New York City Emergency Management department. • A new REPORT highlights the $1.31 billion in mitigation assistance delivered by FEMA this past year as well as a FACT SHEET to inform stakeholders on the grant processes.
FMA NEWS
• The NFIP is on LINKEDIN! • The administration released an ambitious $2 trillion infrastructure proposal. If signed into law, the package, called the American Jobs Plan, includes funding to upgrade bridges, broadband, buildings, and much more. U.S. infrastructure earned a C- according to ASCE’s report card for 2021. For the first time in 20 years the overall grade moved up, but poor marks reflect the need to upgrade infrastructure in 17 categories. Levees, dams, and stormwater scored a D with estimated $70B, $81B and $8B funding gaps respectively. The most recent ASCE report card for California in 2019 provided similar grades meaning infrastructure is in mediocre condition and requires attention.
