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 […]
CRIO at the NMHC OPTECH – Premier Multifamily Industry Event in Dallas, TX
This week, Dan Freudenthal, President at CRIO, presented at the NMHC OPTECH – the premier multifamily conference and exposition that took place on November 14-16, 2016 in Dallas, Texas. The event brought together over 1,400 top minds of the multifamily industry, including […]
CRIO Helps Offices Property Company to Find a Custom Private Market Flood Insurance Solution
Our client, a leading commercial real estate company, has a large portfolio of office properties. The company was maintaining NFIP flood insurance policies on 21 buildings at 17 locations, because the buildings were located in a Special Flood Hazard Area […]
New FEMA Flood Maps for Harris County, TX
New FEMA flood maps for Harris County, Texas take effect January 6, 2016. The new flood maps negatively impact more than 14,000 properties by placing either the entire property or a portion of the property into a Special Flood Hazard Area […]
CRIO at the MBA Insurance Conclave in Chicago, IL
For the second time, Dan Freudenthal, President at CRIO, was invited to present on the topic of flood at the Mortgage Bankers Association’s (“MBA”) Insurance Conclave, which was held on September 20th in Chicago, IL. The audience included over 50 risk management professionals from […]
Into the Peak of the Hurricane Season
Although the Atlantic hurricane season officially began on June 1st, the hurricane activity peaks from mid-August through mid-October – a period commonly referred to as a “season within the season”, according to the National Oceanic and Atmospheric Administration (NOAA). Weather […]