ABSTRACT

Flood Insurance Reform: A Community Perspective, Hearing Before the Subcommittee on Housing and Insurance of the Committee on Financial Services, U.S. House of Representatives, One Hundred Fifteenth Congress, First Session, March 16, 2017   [open pdf - 6MB]

This testimony compilation is from the March 16, 2017 hearing "Flood Insurance Reform: A Community Perspective" before the U.S. House of Representatives Subcommittee on Housing and Insurance of the Committee on Financial Services. From the statement of Aram V. Terchunian: "Flood insurance and the National Flood Insurance Program (NFIP) have helped save lives, property and resources through a classic carrot and stick program of incentives and regulations. However, changing technology, science, and policy have created new opportunities to improve the program. In a nutshell, newer buildings that are constructed and maintained to the NFIP standards and ICC building codes are experiencing far less flooding damage than older, legacy homes that do not meet present standards. Moreover, those areas protected by well designed, built, and maintained flood risk reduction projects, such as beach and dune nourishment, experience significantly less damage during extreme events. Mitigation, primarily through elevation and modern construction standards, and incorporating resilient flood and erosion protection projects are the most cost effect manner of reducing damages to these homes, businesses, infrastructure, and resources. The goal in my opinion is to decrease the number of pre-FIRM [Flood Insurance Rate Map] substandard structures and increase flood protection and resiliency projects. In coastal areas, this can be accomplished by integrated coastal risk mitigation." Statements, letters, and materials submitted for the record include those of the following: Melissa H. Luckman, Aram V. Terchunian, Chad Berginnis, and Evan Hecht.

Publisher:
Date:
2017-03-16
Copyright:
Public Domain
Retrieved From:
House Committee on Financial Services: http://financialservices.house.gov
Format:
pdf
Media Type:
application/pdf
URL:
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