In June 2015, New York City filed a technical appeal of the Preliminary FIRMs released in January 2015. In addition, Congressional changes to the National Flood Insurance Program (NFIP) managed by FEMA will lead to increased flood insurance rates for many flood insurance policyholders.įEMA’s FIRMs have not been significantly updated since 1983, and the City’s maps are currently being updated by FEMA. Property owners with federally-backed mortgages on buildings identified in the high-risk areas on the FIRMs are required to purchase flood insurance.
FEMA FIRMs are created through an extensive mapping process that take into account topography, and the types and strength of storms that historically have affected the region. Many more New Yorkers will be considered exposed to flood risk, and, if they have federally-backed mortgages, they will be required to buy flood insurance-just as flood rates are increasing.įEMA’s Flood Insurance Rate Maps (FIRMs) delineate areas at high-risk for flooding.
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