online survey of the impact of biggert-waters flood insurance reform 2012

8/12/2019 Online Survey of the Impact of Biggert-Waters Flood Insurance Reform 2012

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Online Survey of the Impact of

Biggert-Waters Act 2012

Conducted by

The Clearwater Neighborhoods Coalition


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Question 1: Is your property in a flood zone?

Answers 35 Skips 0

Responses:

No 23 65.71%

Yes 10 28.57%

Dont Know 2 5.71%

Comments:

It is very confusing, on one property it is marked 'X' and then by FEMA "A". How it can be both? Well only ourillustrious government officials might be able to answer?

I do however live on a small lake.

Although I am not in a flood zone I abut one and wonder when my property may either be included or mistaken by aninsurance company as being in one. The maps are not clear.

I own a second home in the X zone which as I understand it is not impacted by floods. My prime residence is in a muchhigher level.

I moved out of the flood zone three months ago.


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Question 2: What impact will the Biggert-Waters Act 2012 have on you?

Answers 33 Skips 2

Responses:

Dont Know 14 42.42%

No impact because my property is not in a flood zone 10 30.30%

I expect gradual increases until the National Flood InsuranceProgram is restored to adequate funding levels 9 27.27%

Comments:

But we aren't getting little increases!!! Mine went from $595 on 4/13 and on 6/13 I received an extortion letter telling mean increase of $4, 459 due immediately! Never happened! Home never flooded 3 miles from ocean in the way of SSSandy tidal surge! This year I am looking at over $8,000 in premiums never going to happen take my keys!

I don't expect impact to my insurance premiums, but do expect some impact on City services or City taxes.

This is horrible for Florida the majority of people affected are average income. Floridians already pay higher than the restof the country

I think that insurance companies will find ways/loopholes to raise my rates regardless.

I expect real estate values to decline, and sales to decrease. The beach is the most desirable area. If that will decline invalue, and the other flood zone areas will too that are inland. The rest of Pinellas County has to follow then.

While my home is not in a flood zone, commercial property that I own is. The projected insurance premium increases willmake it difficult to stay in business.

For water front property there will be a huge impact.

However, I have paid off all loans/mortgage and am seriously considering dropping flood insurance altogether.


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Question 3: What do you think will happen to property values that are in flood zones?

Answers 32 Skips 3

Responses:

Values will decrease as buyers find this kind of property

undesirable or too expensive to maintain 26 81.25%

No changes, waterfront property is always desirable andpurchasers/owners will find a way to make it work 4 12.50%

Dont Know 2 6.25%

Comments:

For awhile, I think values in non flood zones may increase, but as a whole, I believe values will decrease county wide andtourism may be affected. Likewise, our ability to attract employers will likely be handicapped. I don't see this as a goodthing for anyone.

I have a property marked as explained above which has NOT SOLD in 5 months despite it being the nicest property forthe most reasonable price in that zip code. I even have a Certificate of Elevation!

Some neighborhoods will become ghost towns!

The waterfront property that just started to rebound seems to be at a standstill again. I presume it will only continue thisway considering most people cannot afford the property in addition to the annual flood insurance. Who wants to put thatmuch in a house annually without it providing any return?

Those directly on the water won't really cause an issue due to the fact that the wealthy will buy regardless of the higherflood insurance. Those inland will be affected by the higher insurance rates and may likely not purchase there.

Both the 1st and 3rd statement are true. Waterfront property will remain desirable and in-land values will decrease withthe added expense.


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Question 4: What ideas do you have that could resolve increases in the National Flood

Insurance Program premiums?

Answers 32 Skips 3

Responses:

Comments:

There needs to be additional restrictions for developers in flood prone areas. We can't keep developing in areas naturedidn't intend. We also need to provide some incentives for residents who upgrade their property to minimize flooddamage.

First, FEMA NEVER had these properties surveyed!!!!! They were just arbitrarily marked from a map! The county on theother hand, marked by surveyors report or by precedence (flooding within the past 50-100 years)

FEMA needs to get their act together and do a study of how to do this without killing homeowners in flood areas. FEMApays also for tornados, mud slides, earthquakes...flood people support them all! NOT right!

Invest in good foundation, construction, roof, etc.

Let current owners be grandfathered in. Let new buyers know the insurance impact before they buy.

Stop using funds designated for this program for other purposes

Seems like insurance in Florida is more expensive than other states, why? Other states have natural disasters also.

None

Spread risk evenly over entire insured base.

State Programs....like Citizens?

Need to complete the economic impact study that should have been done prior to rate change

Floridians have paid more into insurance than the majority of states and payment s to the insurance than what has beenclaimed go back to what it was

NFIP should selectively charge higher premiums for those properties that have had a history of flooding.

I do not know

Tell Congress to keep their hands out of the $$ pot.

They should be actuarially based, which would imply an annual cost of less than 1% of value.

To provide suggestion, we first need to understand the current flow of monies and where the monies are going

A national catastrophic insurance program created that will cover ALL kinds of natural disasters. There are Hurricanes inFlorida, the Gulf states and up and down the East coast. River floods and tornadoes in the mid west, wild fires wherever,mud slides and earthquakes on the west coast, volcanoes in Washington and Hawaii. No one is free of the risks of anatural catastrophe and EVERYONE should pay into a program thus reducing the premiums and impact of insurability onindividuals.


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Question 4 Comments (cont.)

Factor in previous claims similar to workman's comp so that properties that flood are bearing the fair share and those thathave not have their premiums mitigated.

Tax breaks incentives to offset these rising costs and increase growth in these areas

Get private insurers to make coverage available.

Pool premiums into a national disaster fund

Allow private insurance companies to come in for reasonable premiums or eliminate the BWA altogether.

The 4 year plan that has been talked about makes the most sense to me. 2 years to gather accurate information, 1 year tocompile the results, and 1 year to design an effective plan to address the issue.

Accurate assessments a true review of the states flood issues/claims.

I do not know

Privatize the Flood Insurance program

Tax everyone for all natural disasters in the US i.e. earthquake, flood, hurricane, tornado, mudslide, forest fires, etc. andespecially tax businesses that contribute to warming.


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Question 5: Do you have any other comments or suggestions regarding the changes to the

National Flood Insurance Premiums?

Answers 22 Skips 13

Responses:

Comments:

They are unfair to Florida, but then people who build their homes on the beach, but also want to restrict access are beingunfair also. The Clearwater Beach is no longer accessible or affordable to those of us who live here. It's just too hard andtoo expensive to get parking. We are being asked to pay for a luxury we don't have when we share costs. Nevertheless,tourism is important to this county, and helps us keep our taxes down. I am aware many flood prone areas are not onbeaches.

People on the water should see some kind of premium rate increase but not what is proposed.

Premiums should be based on the economic status of the residents

No

Stop Government from reallocating funds

I am not only disgusted by this and by the timing but I feel this is another gut punch to the economy, espeically in PinellasCounty

Need to allow private flood insurance at market prices

Same as above

Higher premiums will result in many home owner dropping insurance.

No

Every state has some king of condition that causes disasters. Mud Slides, Hurricanes, fires, earthquakes. These types ofnatural disasters should be underwritten by the Fed.

The Plan should be actuarially sound with no subsidies from any government.

Same as previous comment

See response to question 4 above

It should continue to be supplemented on a gradually decreasing basis, but property owners in flood zones shouldultimately be responsible for bearing the cost of insuring their assets.

No

I don't see how coastal areas can remain populated if the Biggert-Waters Act goes into effect. For example New Orleans,Charlotte , North Carolina.

I work as a realtor. My Buyer clients are refusing to buy in flood zones. This will have quite a big effect on our real estatemarket, and any area that is connected to it.

If this program is not put on pause, the economic impact in our area particularly is frightening.


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Question 5 Comments (cont.)

Increases should be based on specific geographic areas that have been subsidized due to experiencing losses in the past,not across the board.

This should be a nationwide effort -- requires immediate legislative action. Some people have already been notified ofhuge increases and are in danger of foreclosure.

online survey of the impact of biggert-waters flood insurance reform 2012

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