Base Takes Action on Biggert-Waters Flood Insurance Reform Act of 2012
On behalf of the more than 12,000 members represented by the Business Alliance for a Sound Economy (BASE) The BASE Board of Directors approved a resolution that requests congressional leaders to amend the Biggert-Waters Flood Insurance Reform Act of 2012 in order to balance consumer affordability with re-establishing the financial solvency of the National Flood Insurance Program (NFIP)
As approved the Resolution calls for our Congressional leaders to support efforts that would do the following:
Review the National Flood Insurance Program’s (NFIP) proposed actuarial rates; NFIP solvency; and assess the burden that the Biggert-Waters Act of 2012 will impose on policy holders; and
- Provide for a slower rate of increase to flood insurance rates over a greater time period to meet Full Risk Rates.
- Extend the Grandfathering provisions for all existing policies who have lawfully constructed their homes per the State Building Code and upon transfer.
- Reinstate the substantial improvement threshold at the historical limit of 50% of the value of the structure.
- Address the costs savings that could be incurred through the rate making processes by participating NFIP communities that engage in Federal Storm Damage Reduction projects, or have specific State building codes, or enhanced construction standards that would further limit flood loss and decreases the amount of damage community wide.
BASE believes a financially-solvent National Flood Insurance Program (NFIP) is in all of our interests, but at the same time we must ensure that the overall affordability is not adversely affected. The Home Building and Real Estate industry depends on the NFIP to be annually predictable, universally available, affordable, and fiscally viable.
The Board has requested that FEMA delay these changes until Congress has had the opportunity to re-examine consumer affordability and the affects of implementing the Biggert-Waters Act. BASE believes this is the first step in balancing consumer affordability while re-establishing the solvency of the NFIP.
To view the resolution adopted by the BASE Board of Directors Click Here.
Additional information can be found directly from FEMA at http://www.fema.gov/flood-insurance-reform-act-2012
LOCAL GOVERNMENTS JOIN AND SUPPORT THIS EFFORT
Local governments in our region are also joining in this effort by adopting similar resolutions. The following Counties and Municipalites have adopted similar resolutions and we thank them for their support.
Brunswick County, Town of Holden Beach, Town of Caswell Beach, Town of Oak Island, Town of Ocean Isle Beach, Town of Leland
Town of Carolina Beach, Town of Kure Beach, Town of Wrightsville Beach, City of Wilmington, Town of N. Topsail Beach, Town of Topsail Beach (previously adopted resolution).
IF YOU HAVE RECENTLY EXPERIENCED CHANGES TO YOUR FLOOD INSURANCE POLICY WE WANT TO KNOW MORE FROM YOU. GET INVOLVED AND HELP WITH THIS EFFORT BY LETTING US KNOW.
Contact one of our Governmental Affairs Directors by E-mail at Ryan@ncbase.org or Cameron@ncbase.org to explain how the changes have affected your bottom line. Send us information on your flood insurance policy or describe the changes you are experiencing and how it has affected your home or business.
WE URGE AND ENCOURAGE YOU TO CONTACT YOUR CONGRESSIONAL RESPRESENTATIVES BELOW:
U.S. Senator Richard Burr
U.S. Senator Kay Hagan
U.S. Congressman Mike McIntyre
U.S. Congressman Walter Jones