Lecture 7. Hazards
FEMA REGIONAL OFFICES
Flood Insurance Rate Map (FIRM) 1% risk of flood per year (100 year flood zone) http://map1.msc.fema.gov/idms/IntraView.cgi?KEY=26036405&IFIT=1
Why have costs related to disasters gone up in recent years?
2012 NFIP Reform (Biggert-Waters Reform Act) Premium structure must reflect the true risk Adjust premium rates 20% of claim holders currently pay “subsidized rates” Process of phasing out subsidies Non-primary residences Businesses Residences with “severe repititive loss” Increase 25% per year until reach full rate Full rate immediately upon sale
1986 2009 Draft