date a flood map. The appeal must be based
on knowledge that the map is scientifically
or technically inaccurate or that factors exist that mitigate the risk of flooding.
Protecting consumers and
individuals through improved
This section amends the provision of
community rating system premium credits to the maximum number of communities practicable.
This amends the act to review and eliminate nonessential costs within the program and to have an independent actuarial review of the program to be conducted
annually. Provision is made for a nonre-fundable annual surcharge to be applied
to all policies newly issued or renewed
after the date of this section.
The surcharge is $40 except for residences that are not the primary residence
of an individual and eligible for preferred
risk rate method premiums; the surcharge
for these properties is $125. Nonresidential properties and properties that are not
primary residences and are not eligible
for preferred risk rate method premiums
will be surcharged $275.
Multiple-loss, repetitive-loss, severe repetitive-loss properties and extreme repetitive-loss properties are all defined in the
bill. Premiums for such policies will be adjusted by no less than 15% annually until
such rates reflect the current risk of flood.
If the owner of an extreme repetitive-loss property receives claim payment under this title and refuses an offer of mitigation for the property, flood
insurance will not be made available to
that owner through the flood program.
Grants will be made to property owners
in coordination with the state and community in order to carry out mitigation
activities to reduce flood damage to extreme repetitive-loss properties.
The bill now must go to the Senate for
approval. The hurricanes of 2017 showed
how desperately flood reform is needed.
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Astring of wildfires in California ggregatedtogetherhave become the most damaging event on
record in the state, according to November’s Global Catastrophe Recap report
from Impact Forecasting, Aon Benfield’s
catastrophe model development team.
Data from California fire protection
organization, CalFire, indicated that
nearly 9,300 structures were damaged,
with more than 8,560 destroyed.
The worst damage was noted in Napa,
Sonoma, Mendocino, Lake Solano, Butte
and Yuba counties. The California Department of Insurance said at least 19,000
residential, commercial and auto claims
had been filed, with payouts exceeding
$3.32 billion. The total could rise as high
as $8 billion.
Another significant wildfire outbreak
impacted central and northern Portugal,
killing at least 45 people. The Portuguese
Association of Insurers stated that total
insured losses were likely to reach $232
million, representing the costliest event
on record for the local industry.
Steve Bowen, Impact Forecasting director and meteorologist, said: “In a year
already marked by elevated catastrophe
losses, October continued in the same
vein. Historic wildfire events in Portugal
and California are poised to make October the costliest month for the insurance
industry ever recorded for the peril. The
multi-billion dollar payout in California
alone highlights the enormity of the event
footprint as assessments and restoration
efforts continue across the state.”
California wildfires expected
to cause record insurance
loss, Aon reports
By Denny Jacob, PropertyCasualty360.com