LTC 170-2019 National Flood Insurance Program Update MIAMI BEACH
OFFICE OF THE CITY MANAGER
NO. LTC # 170-2019 LETTER TO COMMISSION
TO: Mayor Dan Gelber and Members • the City •Tmmission
FROM: Jimmy L. Morales, City Manager
DATE: March 26, 2019
SUBJECT: National Flood Insurance Progra ` Update
I would like to advise you of a recent development with FEMA's National Flood
Insurance Program, since property owners and residents may be turning to City Hall for
answers. While not directly advised by FEMA, staff did become aware of the attached
information from the FEMA website. No additional details are currently available, but
staff has reached out to FEMA for more information. We also continue to monitor NFIP
re-authorization in Congress, since it is set to expire again by May 31, 2019.
While there is uncertainty about the program moving forward, what is clear is that we
want our property owners to know their risk and purchase flood insurance. For
additional information and resources about flood awareness and reducing flood risk,
please visit www.mbrisingabove.com and select the `Flood Awareness' tab.
If you have any questions, contact Susanne Torriente, Chief Resilience Officer, or Amy
Knowles, Deputy Resilience Officer.
JLM/SMT/AK
Attachment: NFIP Transformation and Risk Rating 2.0
NFIP Transformation and Risk Rating 2.0
FEMA is transforming the National Flood Insurance Program (NFIP) to improve the policyholder
experience and better reflect industry best practices.A central component to this transformation is a
new Risk Rating 2.0 effort, which will improve how the NFIP determines flood risk and flood insurance
premiums.
Risk Rating 2.0 will help customers better understand their flood risk and provide them with more
accurate rates based on their unique risk.This will include determining a customer's flood risk by
incorporating multiple, logical rating variables—like different types of flood, the distance a building is
from the coast or another water source, or the cost to rebuild a home.The new rating plan will also aim
to ensure customers will no longer face dramatic rate increases during map changes or at the edge of
flood zones. By reflecting the cost to rebuild, the new rating plan will also aim to deliver more equitable
rates for owners of lower-value homes. By leveraging industry best practices and technology, FEMA
plans to reduce the complexity of buying flood insurance, so that it is as straight-forward as
homeowner's and auto insurance for both agents and applicants.
The new rates for all single-family homes will go into effect nationwide on October 1, 2020. We look
forward to sharing more information in the coming months as information becomes available.
https://www.fema.gov/nfiptransformation?fbclid=lwAR2fglaBRSIMvFOREHuaIOBLVf4AkQ6z0oouFwp22
n442dMSiyNfQ8QoHIU