As we continue to delve into all the numbers surrounding the National Flood Insurance Program for Dennis, the following is the most recent FEMA data, and a brief discussion, on Flood Insurance and the impacts of the reform act, on existing Dennis NFIP policy holders. The totals do not match a previous post as the data is from different dates.
Dennis has 937 policies in effect (the numbers below do not add up to this but…).
There are 733 policies that are not subsidized. These policies were not affected by the rate increases contained in Biggert-Waters. These policies will see either the $25 residential or $250 commercial surcharges as a result of the Homeowners Flood Insurance Relief Act
There are 383 subsidized policies in Dennis. Of these we find the following:
- 197 policies are subsidized non-primary residences or business properties that are subject to the 25% annual increases in premiums until full risk is achieved. Some portion of these may be properties that will be affected by the pending June 2014 redefinition of primary residence. All of these properties will also be subject to the surcharges noted above.
- 108 policies cover single family homes that are primary residences. These properties will not see an increase until they are sold, the policy is allowed to lapse, or suffers repetitive or severe storm loss (note this discussion is taken directly from a FEMA website and appears to be describing rate increases that are pre-HR 3370). They will be subject to the $25 surcharge.
- 51 policies are written on primary residence condominium or multi-family units. These properties will also not see an increase until they are sold, the policy is allowed to lapse, or the properties suffer repetitive or severe storm loss. These properties will be subject tot eh $25 surcharge.
- 27 properties that had policies either lapse, or had property sales. These properties saw the rapid escalation of insurance premiums due to Biggert-Waters. These properties are addressed in HR 3370 and will experience rate relief and a restoration of their pre-sale grandfathered flood insurance premiums.
So, essentially, we have 197 properties (21%) that will see rate increases of 25% up until they achieve full risk. That increase will place them on equal footing with 78% of the flood insurance policies currently held by Dennis homeowners.