E35: Listen Up Homebuyers – Flood Insurance with FEMA

Aug 30, 2022Listen Up Home Buyers

Episode Summary

Jeffrey Jackson the Deputy Assistant Administrator for the Federal Insurance Directorate within the Federal Insurance and Mitigation Administration (FIMA) at FEMA on Listen Up Homebuyers! Mr. Jackson shares his expertise on flood risk, flood mitigation, and climate change.

E35: Listen Up Homebuyers – Flood Insurance with FEMA

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Episode Notes

Introduction of Jeffrey Jackson the Deputy Assistant Administrator for the Federal Insurance Directorate within the Federal Insurance and Mitigation Administration (FIMA) at FEMA the Federal Emergency Management Agency (FEMA). Mr. Jackson leads flood insurance operations for the National Flood Insurance Program (NFIP) at FEMA.

:52 FEMA’s top priority is education

1:05 Everyone is at risk of flooding. Flood is the most common natural disaster in America

1:15 98% of counties in America flooded to some degree last year. Where it rains, it can flood.

1:32 updating the way we price insurance, rate insurance policies

1:42 Last year, insurance policies changed for the first time in the history of the program based on the individual risk of your property

2:10 Houston is a prime example of climate change

3:10 First-time buyers need to learn about the community and where the property of interest sits within the neighborhood

3:48 Your homeowner’s insurance does not always include flood -call your insurance agent to learn about flood insurance

4:30 Based on the characteristics of the home, how likely your property is to flood, giving homeowners transparency of their risk

5:03 FEMA would love for everyone to have flood insurance. Every home is at risk of flood

6:20 If you don’t have flood insurance, borrowing funds or home equity loans is the option

6:57 Mitigation, there are things to do to lower your risk

7:39 Kentucky-heartbreaking to see what flooding has done to communities 1-2% of the residents had flood insurance

8:41 Insurance puts you on a better trajectory for recovery

8:55 After a disaster, one in four small businesses never comes back

9:20 FEMA affordability program working with Congress so they can consider passing affordability legislation

10:21 Victoria shares a story about looking at a property in Riverdale Maryland

11:08 What do the letters on the FEMA Map mean?

11:19 V zones are coastal high risk A zones are river and high risk but you can’t just look at a map and make an informed decision

12:00 40% of all FEMA claims come from outside the high-risk area

12:35 the FEMA maps are a snapshot in time

12:47 If you’re close to a high-risk zone, chances are you will be at risk even if the rating is X or considered low risk for flooding

13:35 Home buyers, look at the FEMA map to see the flood rating of the property of interest. Also, contact an insurance agent to understand the real risk (if you are next to a high-risk area)

14:00 Encourage informed buyers! There is much to learn but the flood risk of a property should be on the list

15:30 How to move ahead if you want to purchase a home in a high-risk flood area

15:54 Floodsmart.gov is the place to start learning about flood insurance and mitigation

16:30 Elevating a home can make a difference

17:02 Before you purchase a home, gather all the information available to make an informed decision

18:01 Know your risk before you buy and have a plan in place for flood loss

19:36 Be wary of people who want you to look past information regarding flood

20:15 FEMA sees how much climate change is impacting our country

21:00 Not just rivers and coast, flood risk is impacted by rain, mudslides and the more development the flood risk goes up

21:30 We need to up our IQ on flood risk

22:45 Flood insurance policies issued by the National Flood Insurance programs

23:21 The higher the price, the more at risk you are of flood

23:30 Low-risk properties flood every single day

FEMA links for more information

Flood Insurance | FEMA.gov
FEMA Flood Map Service Center | Welcome!
FloodSmart | Welcome to the NFIP | FloodSmart
FloodSmart | Why Buy Flood Insurance?
FloodSmart | How Are Flood Insurance Rates Determined?
FloodSmart | Flood Preparation and What To Do After A Flood

Contributors

Jeffrey Jackson
FEMA
Victoria Ray Henderson

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