NYC's Mayor Seeks Delay in Flood Insurance Reforms

Mayor Bloomberg released a RAND Corporation study Oct. 25 that showed new FEMA flood maps will put thousands of additional properties in the floodplain, causing owners’ insurance premiums to soar.

New York City Mayor Michael Bloomberg and Deputy Mayor for Operations Cas Holloway said Oct. 25 they will urge Congress and FEMA to delay the implementation of some provisions in the new National Flood Insurance Program until they can ensure flood insurance stays affordable for low- and middle-income families. They released a RAND Corporation study showing that 35 percent of property owners in the floodplain who are required to carry flood insurance today do not have it, and new FEMA flood maps that will be adopted shortly will place 32,000 more properties in the floodplain, raising owners’ insurance premiums from an average of $430 to $5,000 to $10,000 per year.

RAND and the city official say steps that could be taken to provide some relief from these premium increases including flood mitigation measures and high-deductible policies. "For thousands of New Yorkers, the difference in the cost of insurance as a result of federal policy changes is the difference between being able to stay in their neighborhoods and having to move," said Bloomberg. "We will continue to lobby the federal government to implement solutions to help New York City residents mitigate the significant rise in their flood insurance costs and help New Yorkers damaged by Hurricane Sandy to recover and rebuild."

"Adopting a risk-based premium structure for the National Flood Insurance Program is the right approach," Holloway said, "but it has to be done in a way that is affordable and encourages homeowners to take common-sense measures to protect against flooding and other climate impacts. Congress required that affordability be addressed before the new flood insurance rules took effect, and that has not happened. Doing so now must be a national priority."

Bloomberg is asking for delays in the reforms in the Biggert-Waters Flood Insurance Reform Act of 2012 until FEMA completes an affordability study is that has been delayed. The reforms were designed to phase out subsidies and grandfathering, which allowed homeowners to insure their homes at rates corresponding to previous flood maps.

"Hurricane Sandy exposed serious gaps in the public and private flood insurance markets in New York City," said Lloyd Dixon, lead author of the report and director of the RAND Center for Catastrophic Risk Management and Compensation. "Residents and businesses will be facing higher premiums as the impacts of new, more accurate flood maps and reforms to the National Flood Insurance Program begin to take hold."

Download Center

  • Safety Metrics Guide

    Is your company leveraging its safety data and analytics to maintain a safe workplace? With so much data available, where do you start? This downloadable guide will give you insight on helpful key performance indicators (KPIs) you should track for your safety program.

  • Job Hazard Analysis Guide

    This guide includes details on how to conduct a thorough Job Hazard Analysis, and it's based directly on an OSHA publication for conducting JHAs. Learn how to identify potential hazards associated with each task of a job and set controls to mitigate hazard risks.

  • A Guide to Practicing “New Safety”

    Learn from safety professionals from around the world as they share their perspectives on various “new views” of safety, including Safety Differently, Safety-II, No Safety, Human and Organizational Performance (HOP), Resilience Engineering, and more in this helpful guide.

  • Lone Worker Safety Guide

    As organizations digitalize and remote operations become more commonplace, the number of lone workers is on the rise. These employees are at increased risk for unaddressed workplace accidents or emergencies. This guide was created to help employers better understand common lone worker risks and solutions for lone worker risk mitigation and incident prevention.

  • EHS Software Buyer's Guide

    Learn the keys to staying organized, staying sharp, and staying one step ahead on all things safety. This buyer’s guide is designed for you to use in your search for the safety management solution that best suits your company’s needs.

  • Vector Solutions

OH&S Digital Edition

  • OHS Magazine Digital Edition - June 2022

    June 2022

    Featuring:

    • SAFETY CULTURE
      Corporate Safety Culture Is Workplace Culture
    • HEAT STRESS
      Keeping Workers Safe from Heat-Related Illnesses & Injuries
    • EMPLOYEE HEALTH SCREENING
      Should Employers Consider Oral Fluid Drug Testing?
    • PPE FOR WOMEN
      Addressing Physical Differences
    View This Issue