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These are properties at high flood risk that, because of peculiarities in their exposure to flooding, do not lend themselves to pre-programmed rates noted in the Flood Insurance Manual. These risks require an in-depth underwriting analysis before a risk premium rate can be applied. We provide documents required to certify a property's flood risk so you can obtain a federal flood insurance policy, set you insurance rates, or correct FEMA mapping errors. Lenders must accept private policies so long as they meet minimum standards. We provide data and reports to help insurers underwrite policies, and for property owners to better understand flood risk. For systems integration, contact us or see our API. Click here for our COVID-19 response information. Both models are beneficial and help move the flood risk conversation forward. But, the models are created for different purposes because the concept of a single definitive floodplain is a fallacy. Floodplain Managers, flood insurance professionals, surveyors, etc.Even so, it is hoped this information helps those not directly involved in the industry understand the basic terms and how they relate to flood risk and flood insurance rates. But we know, about 25 of flood claims come from properties not in these high-risk zones. Further, the risk of flooding is obviously vastly different between properties considered to be in low-risk areas when one is a few inches above the Base Flood Elevation (BFE) and the other is many feet above that imaginary line (the elevation at which a hydrology study predicts 1 chance of flooding in any given year). What’s more, many individuals have to consider properties in SFHAs. Cities like New Orleans, Houston, and Charleston to name a few, don’t give home buyers and businesses many choices other than high risk areas. The Act contained vague language, and it took lending regulators seven years to finalize a rule for lenders to follow.
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Prior to the lending regulators creating the final rule, many lenders didn’t accept private flood policies as they were uncomfortable verifying compliance with the BW12 definition and worried about noncompliance fines and collateral protection. Now I have to start all over again learning this manual.” I’ve been using the NFIP Flood Insurance Manual for over 16 years and have learned through long experience where to find certain flood insurance topics. I certainly didn’t relish having to re-learn where to find information. Despite the new format being more logical and following a transaction-by-transaction path through the lifecycle of a flood insurance policy, my first impulse was to cringe and curse. Now I have to start all over again learning this manual.” I’ve been using the NFIP Flood Insurance Manual for over 16 years and have learned through long experience where to find certain flood insurance topics. Despite the new format being more logical and following a transaction-by-transaction path through the lifecycle of a flood insurance policy, my first impulse was to cringe and curse. This is something congress mandated in the Homeowner Flood Insurance Affordability Act (HFIAA, and specifically Section 28 of that Act). The reasoning is sound, but there are parts that may be confusing, so I want to try and explain “Clear Communications”. You saved up enough money to put a down payment on your first home, and pay closing costs. You spent hours completing paperwork, and gathering documents for your mortgage lender. The purpose of these letters was to inform the policyholders of their current, re-mapped flood risk rating, and explain how that rating was assessed, as well as how it would likely impact what one would pay for flood insurance. The letters further explain how the property owner may reduce flood insurance premiums by obtaining an Elevation Certificate.
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The categories are as follows: Flood insurance is one of those things where consumers might feel a little helpless because most flood insurance is issued through the Federal Emergency Management Agency (FEMA) so the rates are what they are. First, find a knowledgeable agent that really knows the National Flood Insurance Program. Second, check out our list of the top 5 ways to lower your premiums. Terms of Use. Privacy. We’ve made big changes to make the eCFR easier to use. Be sure to leave feedback using the 'Help' button on the bottom right of each page!The Public Inspection page may alsoWhile every effort has been made to ensure thatUntil the ACFR grants it official status, the XMLCounts are subject to sampling, reprocessing and revision (up or down) throughout the day. This information is not part of the official Federal Register document. Use the PDF linked in the document sidebar for the official electronic format. These can be usefulOnly official editions of theUse the PDF linked in the document sidebar for the official electronic format. In addition, FEMA proposed to codify certain requirements of the Biggert-Waters Flood Insurance Reform Act of 2012 ( Pub. L. 112-141, 126 Stat. 916) (BW-12) and the Homeowner Flood Insurance Affordability Act of 2014 ( Pub. L. 113-89, 128 Stat. 1020) (HFIAA). FEMA received three comments related to the rulemaking and five unrelated comments that were outside the scope of the rulemaking. FEMA does not consider the five comments unrelated to this rulemaking in this preamble. In this final rule, FEMA adopts the changes it proposed in the NPRM, with some minor revisions in consideration of the related comments and corrections of typographical errors. FEMA describes these changes below. However, this comment suggests actions beyond the scope of this rulemaking, which focuses on making conforming and clarifying changes to the National Flood Insurance Program's regulations and policy forms.
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For this reason, FEMA declines to make changes to this rulemaking in response to this comment. ASFPM disagreed, however, with FEMA's proposal to add the insured's spouse as a named insured for both the Dwelling Form and the General Property Form of the SFIP. While ASFPM understands that a homeowners policy may typically include the insured's spouse as a named insured, it is not included in a commercial policy. ASFPM spoke with insurance specialists who confirmed that there may be a good chance that the spouse is not part of the commercial venture and has no interest in the business and therefore, should not be automatically included in the General Property Form. ASFPM therefore recommended removing the spouse as a named insured in the General Property Form. The current General Property Form of the SFIP does not automatically include the spouse of a named insured as an insured under the policy. See 44 CFR part 61, App. A(2), II.A. Accordingly, this final rule will not modify the provision from the status quo. FEMA thanks ASFPM for identifying this inadvertent proposed change. FEMA agrees with ASFPM's comment and has replaced the word “covered” with “insured” in all instances where appropriate throughout the three SFIP forms. The requirement that the RCBAP act as primary coverage for all losses to condominium buildings and the units therein simplifies the claims process by allowing the NFIP to pay claims without having to divide payments between unit owners and condominium associations based on a wide array of condominium building bylaws and relevant state laws. The commenter explained that many state laws divide responsibility for maintaining and repairing condominium buildings between a condominium association and individual unit owners.
According to the commenter, the RCBAP's present design causes FEMA to deem the excess building coverage of an individual unit owner's Dwelling Form policy duplicative, excessive, and unable to provide coverage that an individual policyholder could use upon suffering a loss. The commenter stated that treating the Dwelling Form's building coverage as excess to the RCBAP causes delays in insurance payments reaching individual unit owners, which in turn delays repairs, ultimately leading to litigation between condominium owners and their associations. The commenter is concerned that as a result, informed individual owners will cease purchasing building coverage under a Dwelling Form policy if they are aware that they will only receive payment of loss if the loss exceeds coverage under the RCBAP. The commenter believes that this would (1) encourage individual unit owners to purchase building coverage, and (2) protect financial institutions, as a unit owner's financial institution is usually only named on the individual's Dwelling Form policy but not the RCBAP. As part of its 2018-2022 Strategic Plan, FEMA is committed to building a culture of preparedness by, in part, taking steps to double the number of properties covered by flood insurance through the private sector or the government. FEMA believes that designing flood insurance products that meet consumer needs will help achieve this goal. However, FEMA does not intend to make such substantive changes to the SFIP in this rulemaking. FEMA's intent in this rule is to clarify the SFIP to improve overall readability as well as conform it to BW-12 and HFIAA. FEMA thanks the commenter for this comment and will take it under advisement if FEMA considers substantive changes to the SFIP in the future. When a Dwelling Form policy insures a condominium unit, the policy provides coverage for loss assessments charged to the policyholder by their condominium association for covered flood damage. See Dwelling Form SFIP, Art. III.C.
3.a. Prior to the enactment of BW-12, the policy excluded coverage for loss assessments if the reason for the assessment is due to application of the RCBAP's coinsurance penalty provision. See Dwelling Form SFIP, Art. III.C.3.b.4. As a result, FEMA would deny coverage for a portion of flood damage under both the RCBAP and the Dwelling Form of the SFIP. See Dwelling Form SFIP, Art. III.C.3.b.4. Rather, it merely apportions the coverage between the Dwelling Form and the RCBAP. Ultimately, the flood Start Printed Page 43948 damage is still covered, though the payment may go to the condominium association rather than directly to the unit owner. If FEMA were not able to treat Dwelling Form coverage as excess to RCBAP coverage, Dwelling Form policyholders could be entitled to receive payments for damage that FEMA would also be required to pay for under an RCBAP.However, FEMA does not agree with the commenter's suggestion of defining “common elements” based on applicable state laws. The NFIP is a national program that is best implemented through uniform guidance irrespective of various state laws. Defining “common elements” based on state law, rather than a uniform standard, would increase policyholder confusion and complicate claims adjusting processes. This coverage is limited to no more than 10 percent of the contents coverage limit chosen by the insured. This allows an individual unit owner to purchase his or her own policy that provides coverage beyond that offered by the RCBAP. For instance, FEMA corrects the capitalization of some section headings to ensure consistency. FEMA also updated cross-references to the Dwelling Form in 44 CFR 61.17 (g). This change reflects current practice and is for clarification purposes only. Executive Order 13563 emphasizes the importance of quantifying both costs and benefits, of reducing costs, of harmonizing rules, and of promoting flexibility.
Executive Order 13771 (“Reducing Regulation and Controlling Regulatory Costs”) directs agencies to reduce regulation and control regulatory costs and provides that “for every one new regulation issued, at least two prior regulations be identified for elimination, and that the cost of planned regulations be prudently managed and controlled through a budgeting process.” Accordingly, OMB has not reviewed it. As this rule is not a significant regulatory action, this rule is exempt from the requirements of Executive Order 13771.FEMA is codifying certain provisions of the Biggert Waters Flood Insurance Reform Act of 2012 (BW-12) and the Homeowner Flood Insurance Affordability Act of 2014 (HFIAA) that it has already implemented in its Flood Insurance Manual and other related guidance documents. FEMA is also revising certain provisions of the NFIP regulations relating to NFIP operations and the Standard Flood Insurance Policy to consolidate and update the Start Printed Page 43949 regulatory text and standardize key terminology. The majority of these changes are nonsubstantive clarifications. The remaining changes codify an existing practice, policy, or process. With the no-action baseline, FEMA assesses what the world would be like absent the final rule. With the pre-statutory baseline, FEMA assesses what the world would be like absent the relevant statute(s) (in this case, BW-12 and HFIAA). With this approach, FEMA considers the full impacts of the rule. The rule makes non-substantive improvements to the language and organization of the NFIP regulations through clarifications and codifications, which do not result in any quantifiable transfers, costs, or benefits. The rule also codifies certain provisions of BW-12 and HFIAA that FEMA has already implemented via the Flood Insurance Manual and other related guidance documents, which results in no quantifiable transfers or benefits.
WYO (Write Your Own) companies will, however, incur opportunity costs as they spend time becoming familiar with the rule's changes. Pursuant to the final rule, FEMA will no longer require individual waivers for condominium loss assessment restrictions; this results in cost savings. The summary of changes table (Table 1) lists all changes the rule makes to FEMA's current regulations, a description of each change, and their impact. This is a non-substantive change that clarifies existing definitions and does not alter the administration of the program. This is a non-substantive change that does not alter the administration of the program but rather provides greater clarity for the reader. The coverage and benefits provided under the SFIP are already stated in regulations; this is just a consolidated, unified statement of coverage and benefits under the SFIP. This is a non-substantive change because FEMA has always had this authority and has always made these deductible options available to policyholders despite not being explicitly provided for in the CFR. This new provision will clarify that no flood insurance coverage will be issued unless there is (a) receipt of full amount due and (b) submission of a complete application with all the required rating information. Although this has always been the case, and these concepts are covered in sections 61.5 and 61.11, FEMA believes that increased clarity is needed by adding a consolidated statement in the regulations. FEMA also will clarify that the agent acts only for policyholder and that the risk of loss is borne by the National Flood Insurance Fund, not the WYO company. This does not represent a substantive change in policy or terms and conditions of the SFIP, but instead will make terms clearer. Discretionary No change in compliance burden.
The current reasons for which a policy may be cancelled or nullified are spread throughout the regulations and FEMA's interpretations of those regulations in the Flood Insurance Manual. This will consolidate those reasons into one section for greater clarity and transparency to the public. Discretionary No change in compliance burden. 10. SFIP Article I FEMA will change SFIP Article I to clarify the types of property insured by the SFIP. Clarifications are about coverage limits and multiple policies covering one building. Discretionary No change in compliance burden. 11. SFIP Article II—Definitions FEMA will revise and add some definitions for clarity. In particular, the changes will clarify that the named insured must also include the building owner if building coverage is purchased. Discretionary No change in compliance burden. 12. SFIP Article III FEMA will clarify that references to insured property do not extend coverage to any type or item of property not otherwise insured in accordance with the terms and conditions of SFIP. Discretionary No change in compliance burden. 13. SFIP Article III.A FEMA is making minor non-substantive changes to Article III.A.5.b.2 to improve the grammar of the section; revise Article III.A.8 to remove the phrase “in a building enclosure.” This is a non-substantive change that does not alter the administration of the program but rather provides greater clarity for the reader. Discretionary No change in compliance burden. 14. SFIP Article III.B FEMA will revise the numbering in this section to improve readability and organization; revise Article III.B.3 by removing the phrase “in a building enclosure.” This is a non-substantive change that does not alter the administration of the program but rather provides greater clarity for the reader. Discretionary No change in compliance burden. 15. SFIP Article III.
D FEMA will revise the language in this section so that the word “structure” is replaced by the word “building” throughout the section except at III.D.5.c. The reason for this change is the NFIP insures SFIP defined “buildings,” not any structure that does not meet the definition of “building” as defined in the SFIP. FEMA also will improve the language in III.D.3.d and III.D.3.e by replacing the phrase “this coverage” with the phrase “Coverage D” to clarify that the coverage referred to in these provisions is Coverage D. This is a non-substantive change that does not alter the administration of the program but rather provides greater clarity for the reader. Discretionary No change in compliance burden. 16. SFIP Article V.B FEMA is making a non-substantive, clarifying adjustment to the Flood in Progress Exclusion at SFIP Art. V.B to align with reports required by BW-12 section 100227. This change does not impact the application of the exclusion, but will help support more consistent reading of the provison. Discretionary No change in compliance burden. 17. SFIP Article VII.B FEMA will move the provision on concealment of fraud and policy voidance for consolidation into unified section on policy cancellations and nullifications (discussed below). Discretionary No change in compliance burden. 18. SFIP Article VII.E FEMA will remove Article VII.E, Cancellation of the Policy by You, and incorporate the language into a new consolidated section on policy nullifications, cancellations, and non-renewals. Start Printed Page 43951 19. SFIP Article VII.F FEMA will remove Article VII.F, Non-Renewal of the Policy by Us, and incorporate the language into a new Article VIII discussing policy nullifications, cancellations, and non-renewals. Discretionary No change in compliance burden. 21. SFIP Article VII.U FEMA will move the provision on duplicate policies for consolidation into unified section on policy cancellations and nullifications (discussed below).
Discretionary No change in compliance burden. 22. SFIP Article VII.V FEMA will revise Article VII.V.1.a.1 of the current policy to remove all the language after “It is your principal residence.” The reason for this change is that this language, which is essentially a definition of the term “principal residence,” has been incorporated into the new definition of “principal residence” being added to Definitions section in Article II. Discretionary No change in compliance burden. 23. SFIP Article VIII FEMA will clarify the existing reasons for which a policy may be cancelled, nullified, or not renewed. This will mirror similar section being established at 44 CFR 62.5 (discussed above). This is a non-substantive change that does not alter the administration of the program but rather provides greater clarity for the reader. Discretionary No change in compliance burden. 24.