LIEB BLOG

How current events impact your business and real estate holdings

Showing posts with label Flood Insurance. Show all posts
Showing posts with label Flood Insurance. Show all posts

Tuesday, February 18, 2020

Why do banks care about your flood insurance?

Citibank recently paid $17,998,510.00 pursuant to a consent order for failing to place floord "insurance in a timely manner on residential Designated Loans and engaged in a pattern or practice of violations of the Flood Act and its implementing regulations, including 12 C.F.R. § 22.7(a)".

That's almost eighteen million reasons to care.




Wednesday, September 03, 2014

Rate Hikes and Litigation: Changes to Federal Flood Insurance Program (Andrew Lieb's Article Published in the American Bar Association)

Changes to the federal flood insurance program in March attempted to address deep concerns about skyrocketing rates for those in flood-prone areas covered by the National Flood Insurance Program (NFIP), but upcoming deadlines implementing these changes raise the specter of litigation.

To read the full article, visit The Journal of Real Estate Litigation and Condemnation of the American Bar Association. Full Article 

Monday, August 25, 2014

Historic Storm Prompts Town of Brookhaven to Initiate Flood Relief Efforts

On August 1st, record setting rain doused Long Island causing extensive flood damage. The Town of Brookhaven has been working with the New York State Division of Homeland Security and Emergency Services to perform damage assessments for residents in affected areas. Damage assessments are an effort to qualify victims for federal or state funding or special programs. Supervisor Ed Romaine has asked the federal government to provide FEMA assistance to storm victims and has vowed to push County, State and Federal officials to provide assistance to storm victims.  The Town has estimated $10-15 million in damage to private homes as a result of the torrential rain. Additionally, an estimated $15 million in damage to our roadways has been estimated by the Town Highway Department. Although the South Shore of Long Island sustained very little damage, some North Shore communities that were hit hard by Superstorm Sandy, now have another storm to clean up after. So far, the Building Department has inspected more than 75 homes and deemed nine uninhabitable.

Residents who feel that their homes may have sustained structural damage from the storm are urged to call 631-451-TOWN (8696). An inspector will be sent to their home to assess the damage and determine if the home is safe to occupy.

For insurance related issues, residents should call 1-800-339-1759 to speak directly with representatives from the New York State Department of Financial Services.

As of Wednesday, August 20th, a “211 Hotline,” originally activated after Sandy, will be implemented again to assist residents with the clean-up in their flood damaged homes.

Residents with large amounts of debris from flood clean-up should call 631-451-TOWN to schedule pick-up from the Town’s Department of Waste Management.

Monday, August 18, 2014

FREE public seminar - HOMEOWNERS' INSURANCE


The Nassau County Bar Association and the Nassau Academy of Law Invite You to Attend

Protecting Home & Hearth
Home Insurance Everyone Needs

Monday, September 15, 6:30 p.m.

Nassau County Bar Association (Mineola)


Speakers:
Andrew Lerner, CIC, The Lerner Agency
Charles Licht, Public Adjuster
Michael A. Markowitz, Seminar Chair

To Register:
516-747-4070 or email ckatz@nassaubar.org



Sunday, July 06, 2014

ELIGIBILITY OF FLOOD RISK REDUCTION MEASURES UNDER THE HAZARD MITIGATION ASSISTANCE (HMA) PROGRAMS

On June 18, 2014, the Federal Emergency Management Agency (FEMA), which is an agency of the United States Department of Homeland Security that coordinates the response to a disaster that has occurred in the United States, announced a new policy entitled “Eligibility of Flood Risk Reduction Measures under the Hazard Mitigation Assistance (HMA) Programs.” This new policy, which applies to Federal, State, tribal, and local authorities involved in the administration of HMA Programs, describes a change in FEMA’s HMA Program guidance concerning the types of physical flood risk reduction projects FEMA may consider for funding under its HMA Programs.

The HMA Program authorities are provided by the National Flood Insurance Act of 1968, as amended, to use assistance made available from the National Flood Mitigation Fund for carrying out and planning activities designed to reduce the risk of flood damage to structures covered under contracts for flood insurance. FEMA’s HMA Programs include the Pre-Disaster Mitigation Program (PDM), a Hazard Mitigation Grant Program (HMGP), and the Flood Mitigation Assistance (FMA) Program. The HMGP and the PDM Programs provide assistance to State, tribal, and local governments for hazard mitigation activities that are cost-effective and substantially reduce the risk of future losses from major disasters. These HMA Programs are one way FEMA supports mitigation against flooding and other disasters.

Prior to this new FEMA policy, the 2013 HMA Unified Guidance stated that only “minor localized flood reduction projects” are eligible for funding under the FMA, PDM, and HMGP. Further, the guidance stated that “major flood control projects” related to the construction, demolition, or repair of dams, levees, dikes, floodwalls, seawalls, breakwaters, groins, jetties, and erosion projects related to the beach nourishment or re-nourishment, are ineligible activities under all programs (emphasis added). However, FEMA has now revised the HMA Program guidance after a review of relevant legislation, regulations, and policy to allow for the construction, demolition, or mitigation of dams, dikes, levees, floodwalls, seawalls, groins, jetties, breakwaters, and erosion projects related to beach nourishment or re-nourishment under the HMGP and PDM Programs.

Under all HMA Programs, approval of an eligible project must not result in a Duplication of Programs (DOP) with other federal agencies. This doctrine of Duplication of Programs prohibits FEMA, or any other federal agency, from using its assistance to fund projects or programs if funding for similar activities is available under a more specific federal authority, unless there is an extraordinary threat to lives, public health or safety, or unimproved real property. The DOP issue is of particular concern in determining eligibility for flood risk reduction projects because other federal agencies may be funding similar flood risk reduction measures under more specific authorities. This new FEMA policy addresses the DOP issue by speaking about how the DOP may affect the eligibility of HMA flood risk reduction projects and how applicants may screen projects for potential duplication prior to application.

HMA Programs are established by Sections 203(PDM) and 404 (HMGP) of the Robert T. Stafford Disaster and Emergency Assistance Act, 42 U.S.C §§5133, 5170c-(b)(2) and by Section 1366 (FMA) of the National Flood Insurance Act of 1968 (NFIA), as amended by the Biggert-Waters Flood Insurance Reform Act of 2012, 42 U.S.C §4104c. The HMA Programs are also governed by Title 44 Code of Federal Regulations (C.F.R.) Part 9, Part 10, Part 13, Part 59, Part 65, Part 79 (FMA), Part 80, and Part 206, Subpart N (HMGP).


For more information on FEMA’s Eligibility of Flood Risk Reduction Measures under the Hazard Mitigation Assistance (HMA) Programs Policy, visit http://www.fema/gov/hazard-mitigation-assistance-policy.