1. Lecture 7. Hazards

3. FEMA REGIONAL OFFICES

4. Flood Insurance Rate Map (FIRM)
1% risk of flood per year (100 year flood zone)

5. Why have costs related to disasters gone up in recent years?

6. 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

9. 1986
2009
Draft