Communities depend on dams, levees and floodwalls to minimize the risk of flooding. Nationwide, the number of dams built for the purpose of flood control is as high as 16,179, along with approximately 22,000 levees and 15,000 floodwalls, according to […]
Clear Communications and the FEMA Letters on Flood Risk to NFIP Policyholders
The Homeowner Flood Affordability Insurance Act (HFIAA) requires FEMA to clearly communicate full flood risk determinations to individual property owners (Section 28, Clear Communication of Risk). Therefore, starting January 2017, NFIP policyholders will be receiving the letters directly from FEMA […]
CRIO Saves a Multifamily Company $135,000 on Annual NFIP Costs
A retail agent had an insured with a portfolio of multifamily properties. The insured was maintaining NFIP flood insurance policies on 42 buildings at 4 locations. The lender’s flood zone determinations showed that the buildings were in Special Flood Hazard […]
Freddie Mac’s Bulletin for the Multifamily Seller/Servicer Guide Highlights Changes to Flood Insurance Requirements for Multifamily Properties
Recently, Freddie Mac published a new Bulletin for the Multifamily Seller/Servicer Guide that addresses some flood insurance requirement changes for multifamily properties. This includes revisions to their flood insurance requirements, as well as an update on maximum deductible allowance to reflect […]
April 1, 2017 NFIP Program Changes Bring Further Premium Increases
April 1, 2017 NFIP changes comply with the requirements of the Biggert-Waters Flood Insurance Reform Act of 2012 (BW-12) and Homeowners Flood Insurance Affordability Act of 2014 (HFIAA). The changes bring further premium increases and rating clarifications on properties newly […]