This afternoon, Woonsocket Emergency Management Agency Director Fire Chief Gary Lataille distributed a release notifying area residents the National Flood Insurance Program (NFIP) may soon see a 25-percent rate increase.
A copy of the release follows:
In July 2012, the U.S. Congress passed and President Barack
Obama signed into law the Biggert-Waters Flood Insurance Reform Act of 2012,
which reauthorized the National Flood Insurance Program (NFIP) through
September 30, 2017. The NFIP is a federal program administered by the Federal
Emergency Management Agency (FEMA).
The NFIP reauthorization included a number of reforms aimed at making the program more financially and structurally sound, some of which have already started to affect NFIP policy holders in the state. The intent behind the new legislation was to eliminate some artificially low rates and discounts for policy holders which are no longer sustainable. This may result in certain types of policies seeing a 25-percent rate increase annually until rates reflect true risk.
Due to the nature of these changes and the number of Rhode Islanders that may be affected by these reforms, the Rhode Island Emergency Management Agency (RIEMA) in coordination with the Federal Emergency Management Agency (FEMA) will be hosting a series of Insurance Outreach Meetings to help answer questions related to these issues. Current mapping initiatives for coastal communities will also be discussed at these meetings.
Rhode Islanders from all counties are welcome to attend any of these outreach meetings. RIEMA will be providing this Insurance Outreach information to the media prior to each meeting.
The first meeting, scheduled for Providence and Kent Counties, is set for Aug. 28, Warwick City Hall, Council Chambers, 3275 Post Road, Warwick, 4-9 p.m. (See the attached image for a full list of meetings and times)
Lataille encouraged anyone with questions to call him at 401-769-7841.