UPDATE March 19, 2014. Good News for Simonton Residents – at least through 2017.
New legislation has been passed that will correct the problems created by the Biggert-Waters Flood Insurance Reform Act of 2012 (BW-12).
The effect of these changes will be to restore grandfathering, tie flood insurance to the property and not the owner, decrease the rate of premium increases, and restore stability to real estate markets that would have been impacted by BW-12.
The bill, passed by a “veto-proof”, bipartisan majority in the House of Representatives and in the Senate, was delivered to President Obama on Tuesday, March 18, 2014. The President has ten days to sign the bill. However, the legislation will become law with or without the President’s signature.
Here is a link to one news source on the matter, although it was covered by many media outlets.
The FEMA Flood insurance program will be up for re-authorization in 2017. ”This is a victory for the residents of Simonton and for our Nation” said Simonton Mayor Daniel McJunkin. “It will help to protect our local property values and resident’s equity at least through 2017.”
Simonton residents are encouraged to discuss their specific flood insurance situation with their insurance professional.
Update: January 6, 2014 at 11:09 a.m.:
This Wednesday, the Senate will be voting on Senate Bill S.1610 the Homeowner Flood Insurance Affordability Act of 2013, that will delay implementation of BW-12 for approximately four years. Please call both of your Senator’s offices today or tomorrow and let them know that you want them to vote for this bill. Neither of our Texas Senators have signed on to co-sponsor the bill, so we need to let them know how important it is to their constituents.
Senator John Cornyn 202.224.2934
Senator Ted Cruz 202.224. 5922
Copied from email provided by David Braum, member of Coaltion for Sustainable Flood Insurance.
Update October 19, 2013:Houston Chronicle Article concerning Biggart Waters Flood Insurance Reform Act: Article
Update October 9, 2013: Congresswoman Maxine Waters, Ranking Member of the House Committee on Financial Services, released the following statement: “…I urge all those affected [by increased flood insurance rates] to make your voices heard by with your members of Congress and Senators.” To read the entire statement, please click here: Congresswoman Maxine Waters Calls on Congress to Address Flood Insurance Rate Increases
Update September 18, 2013: Post Town Hall Meeting Letter to Residents from Mayor McJunkin: Follow-Up after Town Hall Meeting regarding the BW-12 FEMA Changes
Update September 14, 2013 at 9:30 p.m.: Town Hall Meeting held.
Update August 27, 2013
Here is a more comprehensive link to the FEMA website. On it you will find the answers to many questions. Please do look for the video explaining the Biggert Waters Flood Insurance Reform Act.
Updated August 10, 2013:
In April, the City posted the following four links (pdf files) so that our site visitors might be better informed regarding changes to the FEMA National Flood Insurance Program (NFIP). While the City is not equipped to answer all of your questions regarding the NFIP, there are several aspects, which property owners must all be aware of.
The bottom line is that these changes will likely mean higher rates for flood insurance for many residents of Simonton. The amount of increase in your flood insurance rates and cost will likely depend on whether your property is in the flood plain and, if so, what your property’s elevation is in relation to the Base Flood Elevation (BFE) for your property.
If you want to find out just where your property is within the flood plain, you can use this online tool from Fort Bend County. It is called a Digital Flood Insurance rate Map (DFIRM). It uses the most current mapping data to assist you in gaining understanding as to your property’s elevation as determined by Fort Bend County and FEMA.
Here are several documents to help you learn more as well.
Here are the key points that residents need to be aware of from the City’s perspective:
- Rates will be determined based on an “Actuarial Risk” basis instead of a flat rate.
- The Federal government is withdrawing “Grandfathering” of “old” rates.
- The Federal government is withdrawing the “subsidy” which has kept rates affordable and low for insured parties.
- Revised maps using the revised Base Flood Elevation (BFE) will be adopted in October of 2013 and fully implemented in Early April of 2014.
To find out exactly how these changes will impact your particular property, contact your insurance provided. The City cannot and will not advise you regarding your insurance choices.