PHILADELPHIA, PA, August 16, 2013 /24-7PressRelease/
-- Justin R. Barbera, LLC
's business as a contractor could soon change when flood insurance premiums skyrocket in many flood-prone areas. The Biggert-Waters Act of 2012 is set to unfurl dramatic increases to rates for property owners who live and work in coastal plains and along rivers.
A recent article published by CQ Roll Call highlighted the need to further reform the legislation before thousands of people are negatively impacted. Justin R. Barbera, LLC agrees wholeheartedly that the recent legislation will damage the livelihoods of thousands of people and cause ripple effects throughout the business community. For developers, homebuilders and contractors, increased premiums will change the way they approach their work.
The article focuses on impacts property owners will face. It says, "A confluence of the Biggert-Waters Act of 2012 (meant to stabilize the NFIP), incomplete and inaccurate Federal Emergency Management Agency maps and questionable actuarial calculations has led to premium increases of up to 5,000 percent and more - for policyholders who have built to code and never flooded."
Legislation was passed in response to massive debt in the National Flood Insurance Program. Already in the red, devastating weather events including higher-than-forecast flooding along the Mississippi River and Hurricanes Katrina and Sandy compounded the program's problems. Homeowners who never experienced flooding before these massive weather events filed claims for the first time, and the need for a revisions in the program were made apparent.
No one challenges the need to reform the national flood insurance program. Unfortunately, the current reforms under the act will cause more harm than good.
"Perhaps we should consider national disaster insurance program that would protect all property owners from an array of weather-related disasters." Justin R. Barbera, LLC said. "I know people would complain that they don't live in tornado alley, or earthquake zones or flood plains, but it's clear that no area is truly safe from disaster."
The article continues, "NFIP rates suddenly jumping up 5,000 percent in the middle of a mortgage - when the owner had no reason to anticipate this unaffordable increase when the original contract was signed - contradicts typical insurance practice and reasonable expectation. And businesses and individuals do not have a choice - flood insurance along our coasts and rivers is almost always government-mandated."
People are already traumatized when their properties are destroyed by floodwaters. Hiking insurance premiums to the extend outlined in the Biggert-Waters Act will cause unanticipated economic harm to communities in flood plains as property owners face bills they are unable to pay and property values inevitably plummet.
Congress does need to reform the program, but it needs to consider all the ripple effects their actions will have. Justin R. Barbera, LLC agrees that something needs to happen to reduce the debt of the national flood insurance program and encourages affected residents to contact their government officials and demand action.
Justin R. Barbera, LLC
is a New Jersey-based general contractor. After Hurricane Sandy, he became versed in flood insurance to help counsel his clients. Barbera offers a variety of construction services including renovations to kitchens and bathrooms, replacements of doors, windows and roofing, general home repairs, weather trim and home additions. Barbera offers discounts to those who serve in the military as a way to thank them for their service. In addition to offering competitive pricing, he guarantees complete satisfaction on all of his projects.