flood mitigation hampton roads michael vernon director of business development
TRANSCRIPT
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
