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?
