FROM: FEDERAL EMERGENCY MANAGEMENT AGENCY
New Jersey Recovery From Superstorm Sandy: By The Numbers
Main Content
Release date: JULY 15, 2013
Release Number: 4086-189
TRENTON, N.J. -- Disaster assistance to New Jersey survivors of Superstorm Sandy by the numbers as of July 15:
Total Federal Assistance: $5.3 billion
$3.5 billion in total National Flood Insurance Program payments made on claims to date
$403.3 million in FEMA grants approved for individuals and households
$351 million for housing assistance
$56.6 million for other needs
$804.7 in SBA disaster loans approved for homeowners, renters and businesses
$673 million approved in FEMA Public Assistance grants to state agencies, local communities and certain private nonprofit organizations that serve the public
261,817 people contacted FEMA for help or information
126,797 housing inspections completed
Showing posts with label NATIONAL FLOOD INSURANCE PROGRAM. Show all posts
Showing posts with label NATIONAL FLOOD INSURANCE PROGRAM. Show all posts
Tuesday, July 16, 2013
Tuesday, April 24, 2012
NATIONAL FLOOD INSURANCE PROGRAM COULD END UNLESS REAUTHORIZED SOON
FROM: FEMA
National Flood Insurance Program Could Expire May 31, 2012, if Not Reauthorized
Here Are a Few Things You Need to Know
April 23, 2012
Many businesses, commercial owners, homeowners and renters purchase flood insurance to reduce the escalating costs of repairing damage to buildings and their contents caused by floods.
As we approach a potentially active hurricane season, FEMA’s Administrator, W. Craig Fugate, is engaging Congress to strongly recommend reauthorization of the National Flood Insurance Program (NFIP) which will expire on May 31, 2012.
The NFIP plays a key role in our Nation’s efforts to prevent and recover from flood disasters. Reauthorization of the NFIP before it expires on May 31, 2012, is essential to our Nation’s efforts to prevent and recover from flood disasters. Floods are the number one natural disaster in the United States in terms of lives lost and property damaged. The NFIP identifies areas of flood risk; it encourages communities to implement measures to mitigate against the risk of flood loss; it provides financial assistance to help individuals recover more rapidly from flooding disasters; and it lessens the financial impact of flood disasters on individuals, businesses, and all levels of government.
In recent years, a series of short-term reauthorizations and temporary suspensions of the NFIP have eroded confidence in the program among stakeholders, including state governments, tribal governments, local communities, individual policyholders, mortgage lenders, and the private insurance industry. In addition to disrupting the program's day-to-day operations, short-term reauthorizations and temporary suspensions create significant uncertainty regarding the federal government's long-term commitment to underwriting and indemnifying flood losses. In the absence of such a commitment, our stakeholders are less likely to make the investments needed to successfully sustain, strengthen, and grow the program — thereby undermining the NFIP’s effectiveness and efficiency over time.
A two year re-authorization will send a clear signal to citizens, communities, and private sector partners that the federal government will continue to support our nation's efforts to manage flood risk. If Congress does not re-authorize the NFIP before it expires on May 31, 2012:
Property owners will be unable to complete new mortgage transactions. Property owners who would normally be required to purchase flood insurance to fulfill lending requirements will be unable to obtain affordable coverage. The National Association of REALTORS estimates that a lapse in authorization jeopardizes an estimated 1,300 sales each day or about 40,000 mortgage closings per month.
The Disaster Relief Fund will bear additional costs when flood strike. Property owners who are unable to obtain flood insurance coverage may seek and be eligible for assistance from the Disaster Relief Fund. Consequently, failure to reauthorize the NFIP will result in transferring a portion of the costs of flood losses that otherwise would have been paid by the NFIP to the taxpayer through the Disaster Relief Fund.
The NFIP may have to halt payment of claims for recent events, including Hurricanes Irene and Lee, if a lapse in authorization substantially reduces cash flow into the program from premiums or a significant flood event follows the lapse and drains the remaining, non-renewable funds.
National Flood Insurance Program Could Expire May 31, 2012, if Not Reauthorized
Here Are a Few Things You Need to Know
April 23, 2012
Many businesses, commercial owners, homeowners and renters purchase flood insurance to reduce the escalating costs of repairing damage to buildings and their contents caused by floods.
As we approach a potentially active hurricane season, FEMA’s Administrator, W. Craig Fugate, is engaging Congress to strongly recommend reauthorization of the National Flood Insurance Program (NFIP) which will expire on May 31, 2012.
The NFIP plays a key role in our Nation’s efforts to prevent and recover from flood disasters. Reauthorization of the NFIP before it expires on May 31, 2012, is essential to our Nation’s efforts to prevent and recover from flood disasters. Floods are the number one natural disaster in the United States in terms of lives lost and property damaged. The NFIP identifies areas of flood risk; it encourages communities to implement measures to mitigate against the risk of flood loss; it provides financial assistance to help individuals recover more rapidly from flooding disasters; and it lessens the financial impact of flood disasters on individuals, businesses, and all levels of government.
In recent years, a series of short-term reauthorizations and temporary suspensions of the NFIP have eroded confidence in the program among stakeholders, including state governments, tribal governments, local communities, individual policyholders, mortgage lenders, and the private insurance industry. In addition to disrupting the program's day-to-day operations, short-term reauthorizations and temporary suspensions create significant uncertainty regarding the federal government's long-term commitment to underwriting and indemnifying flood losses. In the absence of such a commitment, our stakeholders are less likely to make the investments needed to successfully sustain, strengthen, and grow the program — thereby undermining the NFIP’s effectiveness and efficiency over time.
A two year re-authorization will send a clear signal to citizens, communities, and private sector partners that the federal government will continue to support our nation's efforts to manage flood risk. If Congress does not re-authorize the NFIP before it expires on May 31, 2012:
Property owners will be unable to complete new mortgage transactions. Property owners who would normally be required to purchase flood insurance to fulfill lending requirements will be unable to obtain affordable coverage. The National Association of REALTORS estimates that a lapse in authorization jeopardizes an estimated 1,300 sales each day or about 40,000 mortgage closings per month.
The Disaster Relief Fund will bear additional costs when flood strike. Property owners who are unable to obtain flood insurance coverage may seek and be eligible for assistance from the Disaster Relief Fund. Consequently, failure to reauthorize the NFIP will result in transferring a portion of the costs of flood losses that otherwise would have been paid by the NFIP to the taxpayer through the Disaster Relief Fund.
The NFIP may have to halt payment of claims for recent events, including Hurricanes Irene and Lee, if a lapse in authorization substantially reduces cash flow into the program from premiums or a significant flood event follows the lapse and drains the remaining, non-renewable funds.
Subscribe to:
Posts (Atom)