REAL ESTATE FLOOD DISCLOSURE PROGRAM & FLOOD MAP INFORMATION SERVICES

Transcription

1 REAL ESTATE FLOOD DISCLOSURE PROGRAM & FLOOD MAP INFORMATION SERVICES Agenda 10:30-12:00 Flood Disclosure Program 12:00-12:30 Lunch 12:30-1:30 Flood Map Service Center Lisa Foster, CFM, Floodplain Coordinator July 13, 2017

2 Why are you here? Save your clients money on their flood insurance premiums Reduce your risk of exposure to claims of misrepresentation

3 Today s Overview Pinellas County Floodplain Management Program The Community Rating System (CRS) Flood Insurance Rate Map & Flood Insurance Real Estate Disclosure Program Flood Information and Disclosure Brochure Flood Map Information Service Lunch Flood Map Service Center and Brochure Practice

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5 Pinellas County Comprehensive Floodplain Management Program Preventive & corrective measures Outreach & Education FLOOD RESILIENT COMMUNITY Federal Program Participation Planning & Response

6 A Little Background Federal Emergency Management Agency (FEMA) National Flood Insurance Program (NFIP) Maps and regulatory basis for local floodplain management Community Rating System (CRS) Incentive to go above and beyond NFIP minimum requirements

7 How the CRS Works

8 How Much Will Your Clients Save on Flood Insurance Premiums? vs

9 SFHA vs Non-SFHA SFHA: Special Flood Hazard Area High-risk zones Begin with A or V Shaded blue on Flood Map Service Center Flood Insurance Required with federally backed mortgage Non-SFHA Moderate- to low-risk zones Begin with X, B or C Moderate risk (shaded X zones): Shaded orange on Flood Map Service Center Low risk (unshaded X zones): Unshaded on Flood Map Service Center *Also areas where the flood hazard is undetermined, labeled as Zone D.

10 FEMA FIRM Non-SFHA Moderate Risk Non-SFHA Low Risk 20% claims SFHA High Risk Ratings: Full Risk Pre-FIRM Grandfathering Ratings: Preferred Risk Newly Mapped procedure 1 in 4 chance of flooding during 30 yr mortgage

11 How Much Will Your Customers Save on Flood Insurance Premiums?

12 Unincorporated Pinellas County Flood Insurance Premium Savings

13 Flood Insurance Premium Savings Community Name Current CRS Class (October 1, 2016) SFHA Discount Moderate/Low Risk Discount Current CRS Discount (October 1, 2016) Belleair 8 10% 5% $ 44,642 Belleair Beach 7 15% 5% $ 268,249 Belleair Bluffs 7 15% 5% $ 5,760 Belleair Shore 10 0% 0% $ - Clearwater 6 20% 10% $ 1,742,842 Dunedin 5 25% 10% $ 1,019,127 Gulfport 6 20% 10% $ 345,776 Indian Rocks Beach 7 15% 5% $ 444,067 Indian Shores 6 20% 10% $ 354,153 Kenneth City 8 10% 5% $ 14,805 Largo 7 15% 5% $ 172,140 Madeira Beach 6 20% 10% $ 725,494 N Redington Beach 7 15% 5% $ 164,390

14 Flood Insurance Premium Savings Community Name Current CRS Class (October 1, 2016) SFHA Discount Moderate/Low Risk Discount Current CRS Discount (October 1, 2016) Oldsmar 6 20% 10% $ 403,244 Pinellas County 5 25% 10% $ 5,363,551 Pinellas Park 7 15% 5% $ 207,619 Redington Beach 7 15% 5% $ 220,127 Redington Shores 7 15% 5% $ 190,499 Safety Harbor 7 15% 5% $ 46,582 Seminole 10 0% 0% $ - South Pasadena 7 15% 5% $ 261,261 St. Pete Beach 6 20% 10% $ 1,624,532 St. Petersburg 5 25% 10% $ 9,731,481 Tarpon Springs 7 15% 5% $ 513,128 Treasure Island 6 20% 10% $ 1,145,539

15 Understand flood insurance 20% claims from outside high hazard area 1 in 4 chance of flooding during 30-year mortgage Homeowners insurance does not cover flood Condo association policies do not cover personal property or building elements wholly owned by the unit owner 30-day waiting period

16 Understand flood insurance: Rating Flood Zone (LOMA) Year Built Base Flood Elevation Lowest floor elevation Enclosures Flood vents Elevation Certificate

17 Understand flood insurance: Elevation Certificate An Elevation Certificate reveals your actuary flood risk

18 FEMA Letters Why What Flood insurance rates to reflect full risk (actuary) Your property is at high risk for flooding. Homeowner Flood Insurance Affordability Act of 2014* (HFIAA) These large yearly rate increases will not stop without an Elevation Certificate (EC). Section 28,Clear Communication of Risk Keep your flood policy in force

19 Understand flood insurance: Rating Full Risk Actuary Rates Based on current FIRM info, lowest floor, lowest equipment, construction, etc. Preferred Risk Highly Discounted Rates Moderate to low risk areas Pre-FIRM Non-Actuary / Subsidized Built before first FIRM ( ) Grandfathering Non-Actuary / Subsidized Continuous coverage or built in compliance Newly Mapped Procedure Non-Actuary / Subsidized Must have coverage within 1 year of map change

20 PRP RESIDENTIAL (1-4 Family): Effective April 1, 2016 for properties (B, C, or X Zones)

21 Pre-FIRM vs Post FIRM Pre-FIRM Built before flood maps Non-actuarial (Subsidized) Rating Premium is not based on individual property elevation Post-FIRM Original construction after 1972 Elevation certificate required Actuarial (Full Risk) Rating Premium based on elevation compared to BFE.

22 Pre-FIRM vs Post FIRM $2,235/yr $2,235/yr $2,235/yr Pre- FIRM Post- FIRM $819/yr $5,623/yr $25,000/yr

23 FEMA Letters Why What Flood insurance rates to reflect full risk (actuary) Your property is at high risk for flooding. Homeowner Flood Insurance Affordability Act of 2014* (HFIAA) These large yearly rate increases will not stop without an Elevation Certificate (EC). Section 28,Clear Communication of Risk Keep your flood policy in force

24 FEMA Letters Your discounted rate will increase by up to 18% each year. you can continue to pay the discounted rate if it's lower.

25 Mitigation to Reduce Rate Utilities Flood Openings

26 Floodplain Management and CRS Program: Public Information Activities

27 Real Estate Flood Disclosure Program Purpose: Educate buyers on flooding and flood insurance before committed to purchasing the property Benefits: Agent: Reduced risk of exposure to claims of misrepresentation Reduced flood insurance premiums Buyer: Able to make informed decision Reduced flood insurance premiums Components: Real estate flood information and disclosure brochure Map Information Service training

28 Flood Information & Disclosure Brochure

29 Flood Information Website

30 Flood Information Website: Maps/Zones

31 Pinellas County Online Flood Map Information Service Features Flood Information Real Estate Disclosure and Brochure FEMA FIRM County FHA Elevation Certificates Evacuation Zone Storm Surge Natural Floodplains Current Water Levels Coming soon: Seal Level Rise Projections

32 Flood Information Service Center Guidelines 1. Base Map 2. Layers 3. Legend 4. Ruler

33 Flood Information Service Center Guidelines Use the address search box to locate the property. Click inside the actual parcel

34 Flood Information Service Center Guidelines Use the arrows to scroll through the flood map information. Data is for the spot that you clicked, not the whole parcel.

35 Flood Information Service Center Guidelines If it is in the SFHA (Parcel has any blue shading on it), check the top box on the brochure.

36 Flood Information Service Center Guidelines If is in the moderate or low risk areas (Parcel has NO blue shading on it), check the top box on the brochure.

37 Flood Information Service Center Guidelines If it is in the Coastal Barrier Resource System Area, check the middle box (Tierra Verde, North Sand Key, North Clearwater Beach)

38 Flood Information Service Center: Storm Surge Protector Guidelines Use the address search box to locate the property.

39 Flood Information Service Center: Storm Surge Protector Guidelines If surge depth >0 (for any evacuation level click A, B, C, etc ), check the forth box. If it is in an evacuation zone, check the last box and enter the evacuation level.

40 Real Estate Disclosure Program Documentation for CRS Credit Program participation letter One copy of completed brochure

41 Real Estate Disclosure Program Evaluation Tell us how we are doing! surveys/publicworks

42 Pinellas County Marketing and Communications Department Pinellas Citizens University Publications Speakers bureau Volunteer Ops Youth Advisory Committee pinellascounty.org/speak

43 QUESTIONS? Lisa Foster Floodplain Coordinator (727) Irena M. Karolak Public Information Specialist Phone (727)