Coalition for sustainable flood insurance
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Coalition for Sustainable Flood Insurance. April 16 , 2014 Coastal Protection and Restoration Authority. CSFI Key Principles. NFIP should: Be long-term sustainable Be actuarially responsible Protect home and business owners who have “played by the rules” Built to code

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Coalition for Sustainable Flood Insurance

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Coalition for sustainable flood insurance

Coalition for Sustainable Flood Insurance

  • April 16, 2014

    • Coastal Protection and Restoration Authority


Csfi key principles

CSFI Key Principles

  • NFIP should:

  • Be long-term sustainable

  • Be actuarially responsible

  • Protect home and business owners who have “played by the rules”

    • Built to code

    • Maintained insurance

    • Not had repetitive losses

  • We believe in three key principles about NFIP:


Nfip problem

NFIP - Problem

  • Example: Primary Homeowner

May

Problem: Premium will go from $633to $17,723 per year.

2013

  • Belle Chasse, LA

  • Built in 1998, fully to code

  • Built 2’ above FEMA required elevation at the time

  • House never flooded


Nfip problem1

NFIP - Problem

  • Properties become uninsurable

    • Properties become unsalable

      • Property values go to zero

        • Owners lose everything

          • Banks lose mortgage portfolio

            • Real estate market freezes

              • Companies lose workers

              • Local governments lose tax base

                • Economies are destroyed

  • NFIP, itself, goes into “death spiral” as people leave program

  • If this problem was not addressed, the potential impact could have proved devastating:


Csfi formation

CSFI Formation

  • Building a National Coalition

Response: Coalition for Sustainable Flood Insurance

May – Dec

  • GNO, Inc.

  • Parish Presidents

  • American Bankers Assoc.

  • Independent Comm. Bankers Assoc.

  • Mortgage Bankers Assoc.

  • Nat’l Assoc. of Counties

  • Nat’l Assoc. of Home Builders

  • Nat’l Assoc. of Realtors

  • 34 states

  • 200+ organizations from across USA

2013


Csfi goals

CSFI GOALS

  • Educating Congress and Citizens about perilous impacts of Biggert-Waters

  • Advocating for affordable, sustainable flood insurance

  • Education and Advocacy


Csfi results

CSFI Results

  • Passage of H.R. 3370

  • Homeowner Flood Insurance Affordability Act

March

Result: Bipartisan, Bicameral Action for LA and USA

2014

72 votes

22 votes

77%

77%

306 votes

91 votes


The homeowner flood insurance affordability act

The Homeowner Flood Insurance Affordability Act

  • Reinstates Grandfathering

  • Removes the Property Sales Trigger

  • Requires for FEMA to strive for 1% of policy cost limit (and report)

  • Caps Annual Premium Increases at 15%

  • Reimburses Policy Holders for Successful Map Appeals

  • Refunds Policy Holders w/ Exorbitant Rates

  • Funds and Mandates Completion of Affordability Study within 2 Years

  • Allows for $25 Annual Surcharge

  • Includes Minimum 5% Increase on Pre-FIRM properties

  • What the Bill Does:


Csfi next steps

CSFI Next Steps

  • Formalization into 501(c)(6) w/ National Board and Advisory Council

  • Continued Dialogue with FEMA and Congress on Implementation

  • Proposal of Long-Term Options for Affordable Flood Insurance

  • Ensuring Successful Implementation and Reauthorization


Contact information

Contact Information

  • Caitlin Berni

    • O: 504.527.6980

    • C: [email protected]

  • Michael Hecht

    • O: 504.527.6907

    • C: 504.715.5037

    • [email protected]

On the web

csfi.info

gnoinc.orgtwitter.com/gnoincfacebook.com/gnoinc

  • Our address

    • 365 Canal Street

    • Suite 2300

    • New Orleans, LA 70130

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