Increased flooding due to sea level rise is exacerbating affordability issues for flood insurance in Norfolk. Mandatory insurance is becoming costly, which could negatively impact the housing market and tax base. To address this, Norfolk could improve its Community Rating System level through activities like collecting elevation certificates, increasing public outreach on flooding, and requiring hazard disclosures. This would provide short-term relief from high insurance rates and long-term benefits like a stable housing market and public support for flood protection.

1. ADDRESSING FLOOD
INSURANCE
AFFORDABILITY FOR
NORFOLK RESIDENTS
KRISTA BRAUN

2. CONCERNS
PROBLEM:
 Increased occurrences and flooding severity is
a reality
 Mandatory flood insurance is becoming
prohibitively costly
CONCERN:
 This may have a negative effect on Norfolk’s
housing market, and tax revenue base, as
people are dissuaded from purchasing
property

3. BACKGROUND
 Sea level rise is exacerbating flooding issues
 More properties will be affected and will be
required to carry mandatory flood insurance
 Recent numerous revisions to federal
insurance program

4. ISSUES
 Increases in flood insurance rates due to
recent changes to NFIP policy
 General lack of knowledge regarding
insurance requirements and coverage
 Economic hardships placed on homeowners of
affected properties
 A disproportionate impact on fixed or low-
income families
 Loss of market value for affected properties

5. NFIP and CRS
 NFIP-National Flood Insurance Program
 CRS-Community Ranking System
 Norfolk is at level 9 (on 1-10 scale)
 Higher ranking=more discounts

6. SOLUTIONS
 Recommendation: Improve Norfolk’s CRS
level by implementing these activities:
 ELEVATION CERTIFICATES
 PUBLIC OUTREACH
 HAZARD DISCLOSURE

7. CONCLUSION
 The implementation of these practical steps to
address this issue will have significant benefits.
 Short term: residents will enjoy relief from
prohibitively costly insurance rates
 Long-term: ensure a viable housing market, enhance
public safety, and build knowledgeable citizenry
interested in supporting further flood protection
measures
QUESTIONS?