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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
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

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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