FEMA to redraw NYC flood maps after de Blasio appeal

Change could lower insurance bill for many New Yorkers

New York /
Oct.October 18, 2016 09:07 AM

Fewer New Yorker may be forced to buy flood insurance in the future, thanks to an appeal by Mayor Bill de Blasio’s administration.

The Mayor’s office asked the Federal Emergency Management Agency (FEMA) to redraw New York City’s flood maps, arguing that they are too pessimistic, and the agency agreed to do so.

“Our city needs precise flood maps that reflect real risks, both today and years from now—and we have to do that fairly,” de Blasio said in a statement.

The new maps will likely shrink the boundaries that determine who is required to buy flood insurance.

Shortly after Hurricane Sandy hit New York in October 2012, FEMA redrew the city’s flood maps for the first time, doubling the number of homes that required the purchase of flood insurance to qualify for federally-backed mortgages. Meanwhile, the 2012 Biggers-Waters Act had ended a de-facto federal subsidy of flood insurance, causing premiums to rise dramatically.

The agency will now analyze flood data to draw new maps. Until that’s done, insurance rules will be based on 2007 flood maps and construction will be based on 2015 maps, Crain’s reported. [Crain’s] — Konrad Putzier


Related Articles

arrow_forward_ios
(iStock)

No check, please: Restaurants grapple with confusing Covid inspections

No check, please: Restaurants grapple with confusing Covid inspections
Sen. Charles Schumers aid President-elect Joe Biden agreed to assist NYC. (Getty)

NYC loses $2.5B in property taxes, gets $1B from FEMA

NYC loses $2.5B in property taxes, gets $1B from FEMA
Mayor Bill de Blasio and the carousel at Central Park (Getty)

Three Trump Org contracts de Blasio canceled were about to expire anyway

Three Trump Org contracts de Blasio canceled were about to expire anyway
Cushman & Wakefield CEO Brett White, Mayor Bill de Blasio, and Donald Trump, Eric Trump and Donald Trump Jr. (Getty)

Cushman & Wakefield, NYC cut ties to Trump Organization

Cushman & Wakefield, NYC cut ties to Trump Organization
Gov. Andrew Cuomo (Getty)

Evolving outdoor dining regulations leave restaurants in the cold

Evolving outdoor dining regulations leave restaurants in the cold
Mayor Bill de Blasio (Getty; iStock)

City formalizes push for security deposit alternatives

City formalizes push for security deposit alternatives
Mayor Bill de Blasio (Getty, iStock, NY.Gov)

City extends little-used storefronts program through September

City extends little-used storefronts program through September
Snow and sleet temporarily paused outdoor dining yesterday, but it’s back on in Manhattan now that the storm has passed. (Getty)

Outdoor dining to resume in Manhattan after winter storm

Outdoor dining to resume in Manhattan after winter storm
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...