flood mitigation hampton roads michael vernon director of business development

FLOOD MITIGATIONHampton Roads

MICHAEL VERNONDirector of

Business Development

NATIONAL FLOOD INSURANCE PROGRAM OVERVIEW

• Changing weather patterns• Bigger, stronger storms• Rising sea levels

• Long term erosion• Poor building decisions

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NATIONAL FLOOD INSURANCE PROGRAM OVERVIEW

FLOODMAPElevation certificateBase flood elevationPre-firmPost-firmV sectorAE sector

FEMA's interpretation of flood risk to downtown Norfolk and Ghent neighborhood.Source: City of Norfolk Map Gallery, Flood Insurance Rate Map

24NATIONAL FLOOD INSURANCE PROGRAM OVERVIEW

The Department ofHomeland Security

FEMA

NFIP

NFIP

BILLIONin the Hole!

$

NATIONAL FLOOD INSURANCE PROGRAM OVERVIEW

The Price of

INSURANCE FEMA’s long term financial solution.

RAISINGPREMIUMS

LOWEREXPOSURE

NATIONAL FLOOD INSURANCE PROGRAM OVERVIEW

FINANCIAL INCENTIVES

The government in many instances offers financialincentives when individuals do something that is in thebest interest of the whole such as:• Retirement savings (deferred taxation)• Giving to charities (tax deduction)• Borrowing money for a primary home (interest deduction)• Mitigate your home to reduce the risk of flood damage. (reduced flood insurance premiums)

in the Form of LowerFlood Insurance Premiums

NATIONAL FLOOD INSURANCE PROGRAM OVERVIEW

Real Life

ResultsBefore Cost of Insurance

Cost of Project After cost of Insurance

$3,900 $15,000 $332

$4,700 $5,200 $700

$3,700 $5,200 $650

$1,800 $2,300 $350

NATIONAL FLOOD INSURANCE PROGRAM OVERVIEW

• Homeowner quoted $2700 per year for flood insurance doubling her previous rate.• The solution is to modify her home according to FEMA standards. She raised her hot water heater and her HVAC. She also installed FEMA certified engineered flood vents. The total cost was $3,200• Flood insurance was reduced to $733 per year.

CASE STUDYfrom The Virginian Pilot

NATIONAL FLOOD INSURANCE PROGRAM OVERVIEW

CASE STUDY• Agent loses two sales due to flood premiums of $3,900• FLOOD MITIGATION HR determines home can be made 100% compliant• New quote as if house is mitigated brings premiums to $332• Mortgage Banking Underwriter states that scope of work qualifies for home improvement loan• Estimated cost of project $15,000

• Relocate electrical panel and hot water heater

• Remove and dispose of oil burner and oil tank

• Create drainage in basement floor

• Fill basement with sand to crawl space height

• Install Certified Engineered flood vents through our crawl space• Process all documents

NATIONAL FLOOD INSURANCE PROGRAM OVERVIEW

CASE STUDY/ SCOPE OF WORK

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NATIONAL FLOOD INSURANCE PROGRAM OVERVIEW

CASE STUDYHome has new hot water heater and electrical panel

Home is much more resistant to flooding due to mitigation

Market value of home is reestablished

Insurance premiums are low and will only slowly increase

Home moves in a normal time frame

Real estate market and community remain healthy

• The seller

• The buyer

• The real estate agent

• The insurance agent

• The mortgage banker

• Flood Mitigation

• The community

• The country

NATIONAL FLOOD INSURANCE PROGRAM OVERVIEW

CASE STUDYAND THE WINNERS ARE?

SOLUTIONS

NATIONAL FLOOD INSURANCE PROGRAM OVERVIEW

• Elevation certificates• Free estimates for vents• Assessments for projects with return credit• Design and consultation• Flood and Storm related products• Construction management for mitigation and non-mitigation

projects• Comprehensive document processing• Website and sales support

FLOOD MITIGATION Offers FlexibleHampton Roads

NATIONAL FLOOD INSURANCE PROGRAM OVERVIEW

• One-piece vent plate with easy to insert vermin screen and fixed louver.• Made of durable PVC/ABS plastic (no rust or rot) with a UV retardant treatment.• Can be installed in Crawlspaces and Doors

FEMA APPROVEDFlood Vents Raise the House

MICHAEL VERNON1-844-vents4U (1-844-836-8748)

757-636-6455mike@floodmitigationhr.com

FLOOD MITIGATIONHampton Roads