Jersey Shore Magazine

Home Elevation Terminology: A Glossary before the egg. "The decision to adopt these maps was premature and requires additional consideration," Kasimos said. According to Kasimos, the initial map had many homes on the barrier island that were swept away in Zone A—including houses at the base of the Mantoloking Bridge where the largest breach of the barrier island occurred—while on the other side of the bay, homes were designated as Zone V. The preliminary ABFE maps "were very arbitrary," Kasimos stated. The issue became confounded even further when new ABFEs were released in June 2013. These maps did provide some good news: they displayed a forty-five percent reduction in Zone V, according to a FEMA press release. However, it left most homeowners confused about next steps. Should homeowners trust the most recent ABFE map or wait for the FIRM map to be presented next year? "People want a yes or no answer. It's very complicated and we aren't getting the full story yet," said Kasimos. ABFEs (Advisory Base Flood Elevation): FEMA has created Advisory Base Flood Elevation (ABFE) maps to show a more current picture of flood risk for certain communities affected by Superstorm Sandy. BFE (Base Flood Elevations): The computed elevation to which floodwater is anticipated to rise during the base flood. BFEs are shown on Flood Insurance Rate Maps (FIRMs) and on the flood profiles. The relationship between the BFE and a structure's elevation determines the flood insurance premium. FPE (Flood Protection Elevation): Elevation above the BFE to which a structure must be raised. FIRM (Flood Insurance Rate Map): The official map of a community on which FEMA has delineated both the special hazard areas and the risk premium zones applicable to the community. ICC (Increased Cost of Compliance Coverage): Funding available to NFIP policyholders to help pay for flood damages and/or home elevation costs. ICC claim is adjusted separately from the flood damage claim filed under the Standard Flood Insurance Policy. Homeowners can only file an ICC claim if their community determines that their home has been substantially damaged by a flood. NFIP (National Flood Insurance Program): The Federal Program under which flood prone areas are identified and flood insurance is made available to the owners of the property in participating communities. SFHA (Special Flood Hazard Area): The land area covered by the floodwaters of the one hundred-year flood (base flood) as indicated on the FIRM NFIP maps. The SFHA is the area where the NFIP's floodplain management regulations must be enforced and mandatory purchase of flood insurance applies. The SFHA includes all under Zones A and V. ZONE A: The area subject to storm surge flooding from the one-percent-annual-chance (one hundred-year) coastal flood. These areas are not subject to high velocity wave action but are still considered high risk flooding areas. s h o r e ZONE V: The area subject to high velocity wave action (a three-foot breaking wave) from the one-percent-annual-chance (one hundred-year) coastal flood. Zone V is subject to more stringent building requirements than other zones because these areas are exposed to a higher level of risk. j e r s e y • in FIRM maps will be responsible for full-risk rates. These rates will be phased in over five years at a rate of a twenty percent increase per year. The full rate sheet timeline can be found at: www.fema.gov/ media-library/assets/documents/ 31946?id=7275. Thus, rates are going up regardless of one's home elevation. However, 2 0 1 3 percent increase in premiums each year until premiums reflect the full risk rate. • Homeowners with either a lapsed NFIP policy or a policy purchased after 2012's Biggert-Waters Act will have to purchase full-risk-rate policies. By late 2014, other property owners (including non-subsidized policyholders) affected by the changes F a l l / h o l i d a y The FIRM: Higher Insurance Rates for Homeowners The FIRM, when adopted, is what determines homeowner's flood insurance premiums. The ABFEs are simply harbingers of things to come. "Before Sandy, I paid $1,000. per year in flood insurance; these rates have me bumped up to $9,500. after raising my home," Kasimos said. "Even if you raise your house to be in the five hundred-year flood plain, you would have to get flood insurance." The change in the rate maps goes back to 2012's Biggert-Waters Flood Insurance Reform Act passed by Congress in an attempt to stabilize the NFIP, which is nearly twenty-four billion dollars in debt. According to FEMA, as of October 2013, the rate maps will change to reflect the following: • Owners of "severe repetitive loss" properties, and/or properties that have had flood-related damage that exceeds the fair market value of their home, will incur a twenty-five Having a difficult time making sense of the alphabet soup of acronyms from FEMA? Following is a glossary of terms. All definitions are courtesy of FEMA at: www.region2coastal.com/additional-resources-1/glossary#. continued on page 72 71

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