FEMA’s new flood insurance plan will sharply raise insurance costs for seaside properties

FEMA’s new flood insurance plan will drastically raise the cost of insuring coastal properties.

Called Risk Rating 2.0, the recently released plan is widely believed to more accurately reflect flood risks. But it is also likely to lead to a decreased property values along with higher insurance premiums.

Risk Rating 2.0 is the first major update to the government insurance program’s risk analysis system since the National Flood Insurance Program emerged in the late 1960s. The old system provided a flat risk estimate for an entire floodplain. The new system estimates the individual risk facing each home, incorporating new data about water dynamics and replacement costs.

The old system did not consider the replacement cost of a house, so owners of low-value homes subsidized those with more valuable properties. Homeowners will now pay premiums for the specific flood risk for their home, rather than for their general area.

Effective January 1, 2022, New York City requires garage owners to retain a specially designated professional engineer to conduct an assessment and file a report at least once every six years. Hoffmann Architects + Engineers offers tips and best practices on how to comply with NYC Local Law 126 parking garage inspection rules.

Mixed-Use | Oct 20, 2022

ROI on resilient multifamily construction can be as high as 72%

A new study that measured the economic value of using FORTIFIED Multifamily, a voluntary beyond-code construction and re-roofing method developed by the Insurance Institute for Business & Home Safety (IBHS), found the return can be as high as 72%.

Building Team | Oct 18, 2022

Brasfield & Gorrie chairman’s home vandalized by anti-development activists

Activists vandalized the home and vehicles of Miller Gorrie, chairman of Birmingham-based Brasfield & Gorrie, in protest of a planned $90 million, 85-acre police, fire and public safety training center in Atlanta.

Codes and Standards | Oct 17, 2022

Ambitious state EV adoption goals put pressure on multifamily owners to provide chargers

California’s recently announced ban on the sale of new gas-powered vehicles starting in 2035—and New York’s recent decision to follow suit—are putting pressure on multifamily property owners to install charging stations for tenants.

| Oct 13, 2022

Boston’s proposed net-zero emissions code has developers concerned

Developers have raised serious concerns over a proposed new energy code by the City of Boston that would require newly constructed buildings over 20,000 sf to immediately hit net-zero emissions goals.