It Doesn’t Take a Hurricane to Cause a Flood
Flooding is the costliest and the most common natural disaster to significantly impact communities across the United States, The PEW Charitable Trust notes in its reporting on flood-prepared communities. Flood events have accounted for more than $850 billion in damage and losses in the U.S. since 2000, the global nonprofit, nongovernmental organization points out.
It doesn’t take a hurricane to create a flood event. After all, just one inch of water in a structure can cause up to $25,000 of damage, according to FEMA. But the run-up to the Atlantic hurricane season is nevertheless a good time to consider flood insurance. This year it is especially important for risk professionals to talk to their clients about flood insurance, in part because of FEMA’s roll out this year of a new rating system for the National Flood Insurance Program (NFIP), Risk Rating 2.0, and because of the growing market for private flood insurance.
Headlines
CFPB Issues Interim Final Rule to Support CDC Moratorium on Evictions
FEMA Announces Changes to National Flood Insurance Program Pricing
Proposed Rule Would Establish Mandatory Terms for Tax Allocation Agreements
Other Developments: Paycheck Protection Program and Qualified Mortgages
1. CFPB Takes Steps to Avoid a Possible Wave of Home Mortgage Loan Foreclosures
The CFPB has issued guidance to mortgage servicers, including banks that service mortgage loans for third-party noteholders, that the CFPB expects servicers to dedicate sufficient resources and staff to reduce avoidable foreclosures in coming months. According to the guidance issued on April 1, Compliance Bulletin 2021-02, the CFPB believes consumer home mortgage borrowers needing loss mitigation assistance as the COVID-19 foreclosure moratoriums and forbearances end will face heightened risks of foreclosure. The CFPB’s guidance urges mortgage servicers to dedicate resources and staff to ensure that they can
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Published: April 23, 2021 PHILADELPHIA FEMA is proposing updates to the Flood Insurance Rate Map (FIRM) for Columbia County, according to an agency press release. The public may.
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