Prepare For High Increases in Consumer Flood Insurance Premiums

Consumer flood insurance premiums could increase as much as 1400% if the property is found to be improperly flood vented in accordance with FEMA technical bulletin TB 1-93. ICC-certified Smart VENT foundation flood vents can save money--and houses!

(PRWEB) November 12, 2003 --This is not a scream of fire" in a crowded theatre. It is intended to advise homeowners living in floodplains of their need for flood vents when they purchase flood insurance. Consumer flood insurance premiums could increase as much as 1400% if the property is found to be improperly flood vented in accordance with FEMA technical bulletin TB 1-93: entitled Openings in Foundation Walls for Buildings Located in Special Flood Hazard Areas in accordance with the National Flood Insurance Program". To avoid possible increased premiums, and more importantly, protect lives and property, please read on.

In short, TB 1-93s objective is to protect buildings constructed in floodplains on extended foundation walls or that have enclosures below the Base Flood Elevation (BFE) from the hydrostatic pressure of floodwaters against the foundation or enclosure walls. How is this best accomplished? Through the proper use of flood vents certified by a registered professional engineer or architect as Engineered Openings to meet or exceed the following minimum criteria:

1. Must operate automatically.
2. Be bi-directional.
3. Minimum of 2 openings on different sides of enclosed area.
4. Bottom of each opening can be no more than 1 foot above grade.
5. Any louvers, screens or opening covers must not impede flow.

Homeowners using non-compliant air vents in lieu of certified flood vents that do not meet these requirements are not only violating codes, but are also putting their loved ones and property at unnecessary risk.

Insurance companies must protect their investments. Over the past few years they have become aware that non-compliant vents can clog with floating debris, rendering them totally ineffective. This would increase the risk that policyholders could sustain a much higher level of damage thereby increasing numbers of claims. They are also aware of and are sensitive to the political position it would impose on local code officials to require homeowners to upgrade their flood vents. Insurance companies understand that local code officials do not have the manpower or resources to inspect every property to ensure compliance. Therefore, to protect their interest, before an insurance company will renew a flood insurance policy, they are inspecting the property to prove it has foundation flood vents that are in compliance. When they find properties that are not in compliance, they adjust the premiums accordingly.

The following is an excerpt of a newspaper story By JACQUELINE BERLIN of The Brunswick News, in Brunswick, GA where premiums skyrocketed from $320.00 per year to $4500.00 per year:
            
One woman's unexpected expense could happen to other Glynn County homeowners as enforcement of federal flood zone regulations tightens. Alice Smith of St. Simons Island said it's why she plans to attend a forum today, where she hopes to get more information on why her insurance policy had increased by thousands of dollars when it came up for renewal in August. "It [would have] jumped over $4,000 in one year. That got my attention," she said. Mrs. Smith had to spend nearly $5,000 to bring her house into compliance with flood zone requirements to avoid paying more for flood insurance, which would have gone to $4,500 a year from just $320.

Everyone knows the importance of having good brakes on their car. It is just as important that during a flood, the flood vents operate properly to keep your foundation from collapsing. If you are the owner of a home that requires foundation flood vents, and are using a vent that could clog or that is closed, consider upgrading to a vent that has been tested and certified code compliant. The annual savings on your insurance premiums will offset the cost of upgrading to code compliant vents. The homeowner can install vents specifically designed to retrofit in crawlspaces or garage doors, with relative ease, particularly if there are pre-existing air vent openings. The average cost for proper flood venting of a foundation or garage averages less than $1 per square foot.

A big question for many Architects, Builders, Insurance Agents, Real Estate Agents, and homeowners is, "Where can one purchase ICC certified foundation flood vents"? It would seem that FEMA being the overseer of the National Flood Insurance Program (NFIP) would be able to supply this information. However, FEMA is a federal agency and is prohibited by federal law from endorsing any particular product. The best source of information is to do a web search for "ICC evaluated products", or contact your local code official.

Appraise your risk and take the necessary action to protect your family, property, and checkbook. It is important for homeowners living in a flood plain to understand the dynamics a flood can have on a building and how much safety can be increased by using proper flood vents. Don't let the lack of knowledge make you a victim of a flood. The action you take today may mean saving what you have spent a lifetime building. To help you with your research, Smart Vent, Inc. (www.smartvent.com/ 888-628-4115), a private company based in Glassboro, NJ, has done extensive testing on different types of flood vents and has an extensive library of resources to help with flood protection and planning. The FEMA website at www.FEMA.gov also provides valuable information on this subject.
###