Friday, January 14, 2011

FEMA Implements Flood Insurance Provisions

As of January 1, 2011, the Federal Emergency Management Agency (FEMA)began implementing a flood insurance provision to the National FloodInsurance Program (NFIP) to help reduce the financial burden placed onproperty owners whose buildings are newly mapped into a high-riskflood area. The NFIP’s Preferred Risk Policy (PRP) offers low-costflood insurance to owners and tenants of eligible residential and non-residential buildings located in moderate- to low-risk areas.

Before 2003, more than 70 percent of the nation’s flood maps were atleast ten years old. Congress passed a law and appropriated funds in2003 directing FEMA to create the five-year Flood Map Modernizationprogram, which used more current data and the latest technology toupdate the maps. Consequently, many property owners are finding theirbuildings have been accurately mapped into higher risk areas. Agingflood control infrastructure, including levees, dams, and otherstructures have also resulted in large numbers of properties beingdesignated within Special Flood Hazard Areas (SFHAs) where they arerequired by lenders to purchase flood insurance.

For more information and links to fact sheets and answers toFrequently Asked Questions (FAQs), please see:
Rick Lord
Chief of Mitigation Programs & Agency Preservation Officer
NYS Division of Homeland Security & Emergency Services
NYS OEM Office of Emergency Management
1220 Washington Avenue Albany, NY 12226-2251
518.292.2370 landline 518.322.4983 fax 518.867.9482 cell
P Please don't print if you don't have to
New York State Warning PointNew York State Office of Emergency Management
Division of Homeland Security and Emergency Services24/7 Phone: (518) 292-220024/7 fax: (518) 322-498224/7 Email: (Note New EMAIL Address)

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