The Biden administration’s proposed major overhaul to the National Flood Insurance Program, or NFIP, would drastically alter how Americans protect homes and businesses against flooding.
The administration recently announced 17 legislative proposals that would represent the biggest reform to the NFIP since the program’s inception. One change would be a nationwide disclosure law that would ensure that prospective homeowners and renters have a property’s flood history before signing a contract. Today, 21 states have no such law.
Another proposal would prevent NFIP from issuing any new insurance policies for commercial buildings no matter where they’re located or when they were built because FEMA says it wants to promote growth in the private flood insurance market. Americans hoping to build new homes on eroding beaches and other flood-prone areas would also have to look elsewhere for insurance.
Homeowners would have to go to private insurance companies, which typically charge more expensive insurance premiums. People who hold mortgages on properties that flood multiple times and require insurance payouts of at least $10,000 each time, could lose access to government insurance on their properties after the fourth claim.
The proposals must pass Congress to become law, but there is support from both sides of the political aisle with a view that the status quo is becoming financially unsustainable.
Related Stories
| Jan 4, 2013
Tilt-Up Concrete Association releases new temporary wind bracing guidelines
The Tilt-Up Concrete Association has released revised guidelines on Temporary Wind Bracing of Tilt-Up Concrete Panels During Construction.
| Jan 4, 2013
San Diego office tower to be America's biggest net-zero building
The 13-floor, 415,000 sf La Jolla Commons II office tower in San Diego will be the largest building in the U.S. built to the net-zero standard upon completion in 2014, according to real estate firm Hines.
| Jan 4, 2013
Manchester, England building achieves highest BREEAM rating in U.K.
One Angel Square in Manchester, England, is the highest scoring outstanding building for the Building Research Establishment Environmental Assessment Method (BREEAM) in the U.K.
| Dec 27, 2012
Pentagon eases leasing standards established in 9/11 aftermath
The Pentagon has eliminated the stringent real estate leasing standards it put into place following the Sept. 11, 2001, terrorist attacks, reverting back to a version widely used by federal civilian agencies.
| Dec 27, 2012
Google provides USGBC with $3 million grant to transform building materials industry and indoor health
Google has contributed a $3 million grant to the U.S. Green Building Council (USGBC) to help transform the building materials industry and accelerate the creation of healthier indoor environments.
| Dec 27, 2012
Former industrial French city reshapes itself according to ambitious green standards
Nantes has a strong commitment to address challenges such as urban sprawl and carbon dioxide emissions.
| Dec 27, 2012
New York City law tracking building energy use yields surprises
A legally mandated report that tracks the energy use of New York City's largest buildings provides details about which buildings are achieving higher-than-expected energy efficiency, such as the Chrysler and Empire State buildings, as well as those that are performing poorly.
| Dec 27, 2012
New Jersey considers green roof mandate for state buildings
The New Jersey legislature is considering a bill that would require installation of green or blue roofs on state buildings that are at least 15,000 sf.
| Dec 20, 2012
AIA’s Healthier Communities Through Design showcases local policy initiatives
The American Institute of Architects released Local Leaders: Healthier Communities Through Design, a report that demonstrates the power of architecture to improve public health with policies that promote active living, accessibility, transit options, and better indoor air quality.
