The City had a briefing recently …
Here’s the PDF of what to expect. (15 pages)
July 16, 2013 Meeting Summary – Rich Sobota, FEMA Region III Insurance Specialist
On Tuesday, July 16, 2013, Rich Sobota, insurance specialist for the Federal Emergency Management Agency (FEMA) Region III, briefed City staff on changes to the National Flood Insurance Program (NFIP) as a result of the Biggert-Waters Flood Insurance Reform Act of 2012. Biggert-Waters extends the NFIP until 2017 and encourages financial stability of the program by increasing flood insurance premium rates to actual risk rates for some subsidized properties.
The two classes of properties that will be affected by these rate increases are 1) Pre-FIRM properties and 2) Grandfathered properties. Pre-FIRM properties are those properties in an area with a 1% annual chance of flooding (100-year floodplain) that were built before the first Flood Insurance Rate Map (FIRM). In Virginia Beach, these are properties built before October 1, 1970. Grandfathered properties are properties that previously had flood insurance, but as the result of a FIRM change are now mapped into a higher risk flood area. In the past, they were allowed to keep paying their old, lower rate.