Podcasts about National Flood Insurance Program

Keith discusses strategies for building wealth in real estate, emphasizing efficient property operations and leveraging. He suggests setting tenant occupancy limits, sub-metering utilities, and increasing rentable space. He explains the leverage ratio, which measures the relationship between debt and equity, and advises maintaining a high ratio for better returns.  Hear his take on the Florida's real estate market, including falling property values, oversupply, and rising insurance premiums. Despite these issues, Keith remains optimistic about Florida's long-term potential due to its population growth and low taxes. Free Resources: Connect with a free GRE Investment Coach at GREinvestmentcoach.com Show Notes: GetRichEducation.com/551 For access to properties or free help with a GRE Investment Coach, start here: GREmarketplace.com Get mortgage loans for investment property: RidgeLendingGroup.com or call 855-74-RIDGE  or e-mail: info@RidgeLendingGroup.com Invest with Freedom Family Investments.  You get paid first: Text FAMILY to 66866 Will you please leave a review for the show? I'd be grateful. Search “how to leave an Apple Podcasts review”  For advertising inquiries, visit: GetRichEducation.com/ad Best Financial Education: GetRichEducation.com Get our wealth-building newsletter free— text ‘GRE' to 66866 Our YouTube Channel: www.youtube.com/c/GetRichEducation Follow us on Instagram: @getricheducation Complete episode transcript:   Automatically Transcribed With Otter.ai    Keith Weinhold  0:00   Welcome to GRE I'm your host. Keith Weinhold, today, the two things you've got to focus on if you're ever going to build wealth as a real estate investor, why Trump wants to fire Fed Chair Jerome Powell, then, is Florida real estate doomed with falling property values, a housing oversupply, spiking insurance premiums and slowing population growth. It's episode 551, of get rich education.    Since 2014 the powerful get rich education podcast has created more passive income for people than nearly any other show in the world. This show teaches you how to earn strong returns from passive real estate investing in the best markets without losing your time being the flipper or landlord. Show Host Keith Weinhold writes for both Forbes and Rich Dad advisors, who delivers a new show every week since 2014 there's been millions of listener downloads of 188 world nations. He has a list show guests and key top selling personal finance author Robert Kiyosaki, get rich education can be heard on every podcast platform, plus it has its own dedicated Apple and Android listener phone apps build wealth on the go with the get rich education podcast. Sign up now for the get rich education podcast or visit get rich education.com   Speaker 1  1:16   You're listening to the show that has created more financial freedom than nearly any show in the world. This is get rich education.   Keith Weinhold  1:32   Welcome to GRE from Manhattan, Kansas to the finance capital of Manhattan in New York City, and across 188 nations worldwide, you are back inside get rich Education. I'm your host, and my name is Keith Weinhold. I think you know that by now, because we deliver weekly shows more steadily and predictably than a new tariff policy. I've got more on tariffs in a funny clip on Trump wanting to fire Jerome Powell in stories on that level soon. But first, you know one thing that I've made you mindful of lately is that a successful real estate investor needs to pay attention to two big things if you want to build wealth First, keep your property operations efficient. This is your cash flow function. And second look at your net worth statement, and be mindful that you are leveraging as many dollars as you responsibly can. Let me break down both of these for you so that you can see what I really mean here the first one, keeping your property operations efficient. That means that right up front, with a new tenant in the application, find out how many tenants are going to live there, and firmly let them know that they cannot exceed this or that they're in violation of the lease. Can you get 20% more rent, or even 50% more rent by furnishing your unit and marketing it not as a long term rental, but as a midterm rental, and targets, say health professionals that are traveling if you're in a hot rental market. Can you simply keep the rent the same, but have new incoming tenants pay a utility bill for you that you had previously been paying by sub metering your utilities. Other examples of taking the rental property you already have and making it more efficient, you know, there are more classic items, like increasing your rentable space, renting out separate on site, storage space, adding a carport, charging pet rent or just boosting the curb appeal. Can you build an adu on your property? How about appealing your property taxes or automating your rent collection. Why don't you take a look at your insurance policies? You know, a lot of them have $1,000 deductibles. Well, if you're an economically resilient investor, consider raising your deductibles to 5k that way you lower your insurance premium and increase your cash flow that way. I mean really, putting in insurance claims can be somewhat of a pain anyway. Okay, well, right. There were maybe, I don't know, 10 or 15 quick ideas for streamlining your property's operations and increasing your cash flow. Now, don't try to do every one of them, but if there's at least one or two that you can think of as low hanging fruit to go ahead and harvest with the nature of what you've got going in your portfolio. And you know, ideas like I just shared there, you can hear about that on some other real estate investing platforms. But you know what the bigger gain. Is that you can actually make they take less work and fewer people talk about these things all right, and that's the second thing I'm talking about. Yes, it is typically more profitable for you and less work for you. If, instead of all those things, you increase your leverage ratio. Now, doing this does not help your cash flow, it helps your net worth. And net worth is something that you can later convert to cash flow. And this second one increasing your leverage that's a strategy that you just don't hear about on very many real estate investing platforms. So I haven't discussed leverage ratio in a long time. So let's talk about what it is, how you can improve yours, and then what it does for building your wealth. Okay, it's the relationship between your debt and your equity, and here's how to determine yours, and then I'll tell you how you're performing. Once you've determined yours, you might even be able to do it roughly in your head. All you do is take the total value of all the real estate that you own and divide it by your loan balances. That's it. Say you own a million dollars worth of real estate and you've got 500k of total debt on all that real estate. Well, it's really simple. Just divide your value a million bucks, buy your debt, 500k and your leverage ratio is two to one. Let's just call that two. If you're looking to build wealth, that number of two is kind of low. It should be higher. It means that you've got 50% equity in your property. Now say that instead, on the day that you bought that million dollars in real estate, you only made a 200k down payment. That's awesome. A million bucks divided by 200k your leverage ratio is five. All right. Well, what are these numbers really mean? Like this two and this five? All right, it's important because it is what you use to multiply your real estate's rate of appreciation by in order to find your rate of return. So just say that your real estate appreciates 4% this year. If your leverage ratio is just two, that's only an 8% return on your skin in the game. But if you've got more debt and your leverage ratio is five, then a 4% return means you've got a 20% return on your skin in the game. Do that keep your leverage ratio high? Now, what if your leverage ratio falls all the way down to a one. What does that mean? Oh, dear, you're not really doing much to build wealth because all of your properties are paid off. You don't have any mortgages on them. So if you're down to a one, all you've got working for you, from an appreciation standpoint, is compound interest. That's the point at which you've fallen from a compound leverage instrument down to a compound interest instrument. And as we know here at GRE which is counter to the mainstream world. And yeah, the mainstream world is where you have to work all of your life at a job you hate. And that's what you'll do if all you have is unlevered compound interest, all right, and if all you have is unlevered compound interest, well, don't book your Blue Origin flight quite yet. You're not going to go on one you can count on sitting behind a desk for decades instead.   All right. Well, how do you determine your leverage ratio? Again, it's your total real estate value divided by your equity. All right. Now, how do you keep your number high? By making new purchases with 20 to 25% down payments, and by not making new purchases is another way, and instead performing cash out refinances or doing both, you know another way to increase your leverage ratio, and you might not have thought about this, it's when real estate values fall. Now, that's surely not a desirable way to do it, and it doesn't happen often, but when real estate values fall, that drops both your real estate's value and your equity value by the same amount. And interestingly, with some of the ways that I described that you can add value to a property earlier, like a carport, that makes your cash flow better, but it does make your leverage ratio worse at the same time, a way to decrease your leverage ratio fast and lower your wealth building potential fast is to make an extra principal payment of a few 1000 bucks. I mean that one act alone might drop it from, say, a 3.14 to a three point. One Two over night. But look, I don't know what real estate markets you're invested in, and if you tell me what your number is, I'm gonna know how much your future wealth building power is, because you're keeping dollars not merely compounding, but leveraged. And if your number falls below about two and a half, which means 40% equity, that's typically when I begin looking to refinance or sell an equity heavy property, to do a 1031 into a bigger one. So two and a half, that's the number where you often want to take action. And really this is all just a fresh way of approaching an enduring mantra here at GRE Oh yeah, financially free beats debt free, and this sure can make you a mutineer among the masses. And I've been talking about these mutineers sort of things a lot lately, even with a tinge of irreverence. Perhaps you might remember that three weeks ago here on the show, I discussed how, depending on your circumstance, you can even make a car loan good debt, and how a seven figure income is the new six figures and then, yes, perhaps more irreverence. Last week in your free audio course, it was pretty iconoclastic to break down in detail how a 38% rate of return from just everyday buy and hold real estate is not risky at all. And last week's episode 550 the free course, that's probably the most important episode we've done in a long time. For a beginning real estate investor, if you've got any relative or friend in your life that you know, do you have someone around you that just doesn't get it about real estate investing, that really doesn't understand why you do this, please go ahead and share last week's episode with him. Episode 550 now on to the actual person of one, Donald John Trump. And why do I always say his name that way? I don't know. I'm not sure how that ever got started, but I don't say that as often as I call myself a remorseless slack jaw. In any case, the President wants to fire the Fed Chair Jerome Powell. This is nothing new. It just flared up again. I mean, here's the latest flare up. Listen to how Trump says he's never been fond of Powell. Okay, key in on that. This is Tom llamas on NBC, nightly news. You'll also hear the voices of Trump, Powell and Elizabeth Warren in Washington.    Unknown Speaker  8:38   There's a mounting standoff between President Trump and the Chairman of the Federal Reserve. The President blasting Jerome Powell for not lowering interest rates, accusing him of playing politics. Gabe Gutierrez is at the White House with markets on edge and his trade war escalating. President Trump is lashing out at the Federal Reserve Chairman he once appointed, writing on social media that Jerome Powell's termination cannot come fast enough. I don't think he's doing the job. He's too late, always too late. Slow. And I'm not happy with him. I let him know it, and if I want him out, he'll be out of there real fast, believe me, the rebuke coming after this warning from Powell Wednesday, tariffs are highly likely to generate at least a temporary rise in inflation, the President now slamming him for not cutting interest rates to help the economy. We have a Federal Reserve Chairman that is playing politics, somebody that I've never been very fond of, actually, but he's playing politics. Powell says the Fed needs more clarity before making a move. We're never going to be influenced by any political pressure. People can say whatever they want. That's fine. Trump had previously said he would not try to replace Powell, and earlier this week, the Treasury Secretary stressed the importance of an independent federal reserve. I believe that monetary policy is a jewel box that's got to be preserved. Democrats warning of chaos if Powell is ousted, if Chairman Powell can be fired by the President of the United States, it will crash the markets in the United States. Powell, whose term as Fed Chair ends next year, has said the President does not have the legal authority to fire him. If he asked you to leave, would you go? No.   Keith Weinhold  14:38    In that clip, Trump said he's never been very fond of pow dude. You appointed him, you You appointed him as Fed Chair in your first term, where you must have liked him more than any of the other candidates. Geez. Now you may or may not like Powell, but I don't see how. He's playing politics before lowering interest rates, it's completely sensible for him to see how the tariffs play out first. The Fed has long been independent of the executive branch, so they're supposed to be Trump wants Powell to lower interest rates. And remember, Powell already cut rates a full 1% late last year, and I really don't even agree with that cut when inflation was still elevated. Trump says Powell is always too late. Well, everyone agrees that Powell was too late to raise rates back in 2022 I mean, that had to do with the whole gaff where he said that inflation is just transitory, and no one will let Powell forget that. But do you give pal credit for a soft landing? I mean, he since brought down inflation while keeping us out of a recession, that's the definition of a soft landing. You know, I don't fully give pal credit there, just a little but remember, by that point, the inflation damage has already been done. It's already hurt a lot of people, and that's not changing. Now, of course, the inflation enriched you and it enriched me, because we're the real estate investors, and inflation is always going to do that for us. What happened is that Trump is frustrated because he saw the European Central Bank just lower their rates. So that's why he wants to see that happen here too. Because of course, lower rates can help the economy, at least in the short term. So I wondered about what you think. So what I did is I asked you in our latest Instagram poll, the question I asked was simply, should Jerome Powell be retained or fired? I was a little surprised at the result. 38% of GRE Instagram poll respondents said pal should be retained, and 62% said fired. I didn't think as many as 62% would say fire Powell. My best guess is that it's because you want lower interest rates on mortgages, and my next best guess is that you want to fire Powell, not because you dislike him, but more because you want to abolish the Fed completely, which I guess means that Powell would be fired that way. Did you hear about what happened when Donald Trump called tech support? Yeah. He told them, my tariffs aren't working. Tech Support responded with, did you try turning them off and back on again.    Hey, coming up shortly is Florida real estate doomed. If you'd like to reach out to us here at the show, you can do so at get rich education.com/contact, that's whether you have a comment or a question or a concern or a content suggestion you can communicate either through voice or email on our contact page, there one thing that we don't need, respectfully, are booking agents for shows reaching out to us. You know, I used to say that we have 50 times as many guest requests to be on the show with me here as we do available spots, but now it is more than 50x and I'm really grateful to host a platform where I guess a lot of people want to join in and contribute here, but the reality is that we only have one show a week, and a lot of weeks like this one I don't have any guests at all on the Show. That page is monitored by my terrific executive assistant, Brenda, just like most everyone here at GRE She's an active real estate investor too, and again, comments, questions or concerns about the show, please contact us at the contact page and get rich education.com/contact. More. Next you're listening to get rich education.    You know what's crazy? Your bank is getting rich off of you. The average savings account pays less than 1% it's like laughable. Meanwhile, if your money isn't making at least 4% you're losing to inflation. That's why I started putting my own money into the FFI liquidity fund. It's super simple. Your cash can pull in up to 8% returns, and it compounds. It's not some high risk gamble like digital or AI stock trading. It's pretty low risk because they've got a 10 plus year track record of paying investors on time in full every time. I mean, I wouldn't be talking about it if I wasn't invested myself. You can invest as little as 25k and you keep earning until you decide you want your money back. No weird lockups or anything like that. So if you're like me and tired of your liquid funds just sitting there doing nothing. Check it out. Text family to 66866, to learn about freedom family investments, liquidity fund again. Text family to 66866    Hey, you can get your mortgage loans at the same place where I get mine, at Ridge lending group NMLS, 42056, they provided our listeners with more loans than any provider in the entire nation because they specialize in income properties. They help you build a long term plan for growing your real estate empire with leverage. You can start your pre qualification and chat with President Caeli Ridge personally. Start Now while it's on your mind at Ridge lendinggroup.com, that's ridgelendinggroup.com.   T. Harv Ecker  20:45   This is the millionaire minds. T. Harv Ecker, you're listening to the powerful Get rich education with Keith Weinhold. Don't quit your day dream.   Keith Weinhold  21:10   Welcome back to get rich Education. I'm your host. Keith Weinhold is Florida real estate doomed. Most anyone that pays attention has probably noticed that the Sunshine State has some areas, well, really, a number of them where property values have actually fallen. This is tied to the fact that there's an inventory over supply. There have been spiking insurance premiums tied to hurricanes. And what about the slowing population growth, and since the pandemic, Florida has had some of the fastest growing, highest appreciating markets in the entire nation. But today, in fact, there's a giant home builder there KB Homes that finds Florida's housing market. In their words, it's weak enough that they are cutting prices this spring. And KB Homes is ranked number 545 on the fortune 1000 so they're pretty sizable. And then an even larger home builder, Lennar, they basically said the same thing. The CEO of KB Homes said, quote, demand at the start of this spring selling season was more muted than what we have seen historically, despite a healthy level of traffic in our communities. So we took steps to reposition our communities to offer the most compelling value, and buyers responded favorably to those adjustments. End of the quote, yes, that is a genteel way of saying that we had to cut prices to get buyers like I mentioned to you, starting, gosh, probably a year ago or more, that other home builders have, instead of cutting prices, offered mortgage rate buy downs to buyers, be mindful though of how much your home builder is paying for those buy downs and how much you are at the closing table. Now, as we know, nationally, there's still a housing supply shortage, but KB, who does business in other states, says that Florida is the weakest, and that's due to over supply. Now let's forget about in migration for a second. Okay, that weakness is because a lot of communities are overbuilt to the point that the in migration rate cannot keep up with the over building. And of course, it's hard to generalize. Florida is a big, populous state of 23 million people. Southwest Florida has been hit the hardest that's pretty well documented. Punta Gorda, home values are down 9% year over year. Cape Coral down 7% let's go to the opposite end of the state, and Jacksonville, up in Northeast Florida that has about seven months of housing supply. It's actually pretty close to a balanced market between buyers and sellers, and then in the center of the state, Orlando, there's six months of supply that is a balanced market where there is normalcy in negotiation between buyers and sellers and a smattering of offers on one property And no one rushing and doing things like waving their inspection and then Miami Fort Lauderdale, you know, I really don't talk about them much on the show, because their prices are too high to work well as long term cash flowing rentals, both KB and Lennar say that they're keeping an eye on tariffs and that the changes to immigration have not changed their operations very much yet, because, remember, a lot of construction laborers are immigrants, and if they get deported, and then you need to hire native born US labor. Well, home prices go up, all right. Well, what about the Florida insure? Crisis. You know, over the past few years in Florida, a bunch of carriers have just withdrawn. They have pulled out of the state, farmers, insurance, bankers, insurance, Lexington insurance, all pulled out. Farmers told The New York Times that this business decision was necessary to effectively manage risk exposure. Similarly, AAA is another carrier, and they said that they're not going to renew some policies. They said the markets become challenging. 2022 catastrophic hurricane season that really contributed to an unprecedented rise in reinsurance rates, and that made it more costly for insurance companies to operate there at all. And prior to that, the market was already strained and had increased claims costs due to inflation and excessive litigation. That's what triple A said. All right, so where does this leave homeowners? Well, some are already relying on state and federal insurance programs, like the National Flood Insurance Program. There's a state carrier called citizens now, flood insurance is not required outside of a special hazard flood area, but that doesn't mean that a home is going to escape flooding if a hurricane passes through, but having insurance it does help along and accelerate the recovery process. Florida has some of the best Building Code adoption and enforcement in the country, and that fact alone has saved 1000s of homes and billions of dollars. But modern building codes are not necessarily applied retroactively to older homes. So it's those homes and properties that really have more exposure to hurricanes, those older properties, and a lot of Floridians are just skipping insurance coverage altogether so that they don't have to pay the premiums. They don't have any coverage. If you don't have a lien holder, you can do that. You can skip it, right? Well, like, How bad is it? Exactly? Just, how much have Florida insurance premiums been jacked up at this point. They've increased 60% on average between 2019, and 2023, and while homeowners and investors are primarily bearing that rising cost burden, I mean, insurers are feeling that squeeze as well. It's not just that the incidence of hurricane events is up, but premiums rise, of course, when the cost of labor in materials that it takes to replace and rebuild a damaged home have gone up as well things like concrete and structural steel and now, of course, as real estate investors, we can eventually pass on the cost of our higher insurance premiums to the tenant in the form of a rent increase, But when it goes up 60% in just four years. It's really hard to keep up with that. Florida's infrastructure is under some strain, too, and I see this when I drive the Tampa area. Every few years, I see more and more traffic. It takes me longer to get places like it takes me two or three cycles to go through a traffic light, where it only took me one cycle a few years ago. So roads and schools and utilities are under some duress to keep up with the population growth over the past decade, statewide commute times are up 11% you know, really that shouldn't be a surprise. I mean, that is common in any high growth area. Now, when it comes to insurance rate increases, there is a good chance that the worst is now over. Yes, Florida, insurance rate increases have been slowing down. The average rate increases have dropped quite a bit from 21% back in 2023 to a projected just two tenths of 1% for 2025 okay. I mean, that's basically no change expected for this year. Citizens, property insurance, that state option that I mentioned earlier, their rates are also shrinking, with some policyholders experiencing rate decreases of 5% or more. Now, I told you on a previous show that if you're looking to add rental property in Florida, go with new build properties for low insurance rates. But now I actually got a hold of some real policies between some of my properties and some of my friends properties. I've got them right in front of me here on a 1970s build single family home. I mean, the premiums can be high. We're basically paying 1% or more of the property's value in insurance premiums each year. So a 250k A valued single family rental that was built 50 years ago has a premium of $3,000 in some cases. I mean, that's a lot, but a close friend of mine recently went to GRE marketplace, got connected with one of our Florida providers. There, he bought a new construction duplex for I forget it was either 400k or 420k it's in Ocala, Florida, which is the central part of the state, and his 12 month insurance premium is $694. Wow. What a low premium for a duplex. That's why you go new build in Florida. Newer properties were built to today's construction and wind mitigation codes, and they have low insurance rates. And his duplex also appraised for 10k more than the purchase price. He has both sides already rented. And in fact, he closes on the property today, and yeah, I recommended that he go to GRE marketplace and get into Florida property, because that is indeed what he was interested in, and I sure wasn't going to stop him. So suffice to say, I clearly do not believe that Florida real estate is doomed. Florida has long been the antidote to high tax, high cost states, it has attracted snowbirds and retirees and hourly workers and increasingly younger professionals unable to crack housing markets elsewhere. Since the pandemic, millions of people have flocked to the state. I mean, when you look at a list of the fastest growing metro areas of the United States. I mean, Florida domination continues. You've still got big ones up there, like Lakeland of Florida is actually at the top of the population growth leaderboard nationally for metros with 500,000 or more people, Port St Lucie is also up there. It's third nationally, and Orlando is fourth. Three of the top four population growth metros are still in Florida, but this promise of sunshine and opportunity that has been replaced by something just a little less Sunny. I mean, you've got the rising home prices like Florida's not that cheap anymore, this diminishing affordability and this growing pressure on infrastructure, but Florida has definitely not completely lost its shine. People across the country are still moving to Florida, but not at the same rate that they did a few years ago, and the state is still seeing more people arrive then depart, besides the weather and the beaches that people love, of course, there's zero state income tax, and Governor Ron DeSantis has even proposed eliminating the property tax, like I mentioned to you on the show a while ago, although we can't count on eliminating the property tax anytime soon, if it ever happens. But wow, what a real estate boom that property tax elimination would create. So for the long term, which is what real estate investing is, I still like Florida. One thing that I don't like is trying to catch a falling knife, and that is analogous to say, investing in an area that is going down and has no future. Florida's got a future. It's got some challenges, just like anywhere in the US, but the reason it has a future is because more population growth is almost a guarantee. You don't get many guarantees in investing. Just look at the decennial census figures. Okay, this is the population of Florida every 10 years, starting in the year 1900 that's when they had 528,000 people, yeah, only about a half million people in the entire state, and I'll do some rounding here every 10 years after that. So in 1910 it was up to 750,000 people, then a million, 1,000,005 1,000,009 now we're up to 1950 where it grew to 2.8 million people, and then 5,000,006 point 8,000,009.7, 1316, 18.8 and then 21 and a half million in 2020, and it's 23 and a half million today. Now I only went as far back as 1900 there, but their census data goes back to at least 1830 and the growth has always been torrid, just uninterrupted. Every 10 years. There has been substantial to massive growth for at least 200 years, and Florida has still. Grown more than 2% per year each of the past couple years. In fact, it is still first place of all 50 states for population growth. So areas that are over supplied with housing in Florida are going to be absorbed. So Florida real estate is definitely not doomed. And in fact, adding more Florida real estate at this time, you know, that could very well be the type of thing where 10 years from now, or even five years from now, when their population is substantially bigger and there's less housing available. I mean, it could potentially look like a wise buy that you're able to get property at this time with less competition and maybe even a small discount here in the mid 2020s, and today, you can find three Florida markets listed at GRE marketplace. What else is happening at GRE marketplace? We've added two new markets, and they are also in the South. They are Jackson, Mississippi and Montgomery, Alabama. Yes, these areas are investor advantaged, and they have prices lower than most Florida markets. Though, I don't know that you'll see the net migration inflows into Jackson and Montgomery that you will in a lot of Florida markets. Jackson has a metro population of 600,000 and Montgomery 400,000 they both have really low property taxes. And there's something else that these two new GRE marketplace cities have in common. Any guess both Jackson and Montgomery are state capitals, yes, so they do have a base of government jobs. So check out gremarketplace.com read more about those cities. And of course, we even connect you with free investment coaching there to help you get matched up with some good property. Thanks for listening. Until next week, I'm your host. Keith Weinhold, don't quit your Daydream.   Speaker 2  37:10    Nothing on this show should be considered specific, personal or professional advice. Please consult an appropriate tax, legal, real estate, financial or business professional for individualized advice. Opinions of guests are their own. Information is not guaranteed. All investment strategies have the potential for profit or loss. The host is operating on behalf of get rich Education LLC exclusively.   Keith Weinhold  37:34   You know, whenever you want the best written real estate and finance info, oh, geez, today's experience limits your free articles access and it's got paywalls and pop ups and push notifications and cookies disclaimers, it's not so great. So then it's vital to place nice, clean, free content into your hands that adds no hype value to your life. That's why this is the golden age of quality newsletters. And I write every word of ours myself. It's got a dash of humor, and it's to the point because even the word abbreviation is too long, my letter usually takes less than three minutes to read, and when you start the letter. You also get my one hour fast real estate video. Course, it's all completely free. It's called the Don't quit your Daydream letter. It wires your mind for wealth, and it couldn't be easier for you to get it right now. Just text GRE to 66866, while it's on your mind, take a moment to do it right now. Text, GRE to 66866.   The preceding program was brought to you by your home for wealth, building, getricheducation.com.   

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.   Our guest, Mark Prysock, RIMS General Counsel & VP of External Affairs, is here to tell us about the RIMS Legislative Summit 2025, in Washington D.C. on March 19th and 20th. Mark shares the top five RIMS legislative priorities, what they mean, and how they impact the risk management profession. These include the need to regulate private third-party legislation funding, data privacy, and cyber security, the National Flood Insurance Program, non-profit tax reform, and the Investing in Tomorrow's Workforce Act, liberalizing College 529s to allow using them for certifications. Listen for details on the RIMS Legislative Summit 2025, why you should attend, and what you can expect from it. Key Takeaways: [:01] About RIMS and RIMScast. [:15] Public registration is open for RISKWORLD 2025! RIMS wants you to Engage Today and Embrace Tomorrow in Chicago from May 4th through May 7th. Register at RIMS.org/RISKWORLD and the link in this episode's show notes. [:33] About this episode. We will be joined by RIMS General Counsel and Vice President for External Affairs, Mark Prysock to discuss RIMS's legislative priorities and the RIMS Legislative Summit.. [:59] RIMS-CRMP Workshops! RIMS will partner with Purima once again on March 5th and 6th to deliver a virtual RIMS-CRMP Prep Course. Links to these courses can be found through the Certification page of RIMS.org and this episode's show notes. [1:18] Virtual Workshops! On February 26th and 27th, Elise Farnham of Illumine Consulting will lead “Applying and Integrating ERM”. “Managing Data for ERM” will be hosted by Pat Saporito. That course starts on March 12th, 2025. [1:44] A link to the full schedule of virtual workshops can be found on the RIMS.org/education and RIMS.org/education/online-learning pages. A link is also in this episode's show notes. [1:55] RISKWORLD registration is open. Take advantage of our Super Savings Rate by February 28th. Register at RIMS.org/RISKWORLD. [2:07] Speaking of RISKWORLD, next week, we will have one of the main stage keynotes, Holly Ransom, join us. Be sure to subscribe to RIMScast to make sure you get that episode as it comes out! [2:19] Today's episode is all about RIMS's legislative priorities and how those priorities will be addressed at the RIMS Legislative Summit 2025, March 19th and 20th in Washington, D.C. You can learn more about it at RIMS.org/advocacy. [2:37] One of my favorite RIMS colleagues is here to discuss all things legislation. Mark Prysock is our General Counsel and Vice President for External Affairs. [2:48] Mark is the point person for the RIMS Legislative Summit 2025, helping to ensure that our priorities at RIMS are communicated on behalf of our members to representatives in Congress. [3:02] Mark is going to join me today to discuss the top five RIMS legislative priorities in a little bit more detail, provide some additional perspective, and discuss the agenda a little bit, which will be finalized soon. [3:19] Interview! Mark Prysock, welcome back to RIMScast! [3:26] The RIMS Legislative Summit 2025 will be held on March 19th and 20th in Washington, D.C. This is a different time of year to host the summit. It was formerly held in September or October, depending on whether it was an election year. [3:56] Mark says the event was shifted to March because Congress, in general, seems to be fatigued by the end of the year. By September or October, it seemed that Congress was pretty much done with what they planned to get done for the year already. [4:13] RIMS thought it would make sense to meet with them in the first quarter of the year rather than the last quarter and see if they can't get more engagement or interest in RIMS's issues. Mark is excited about this change to March for the Summit. Congress will be newly in session. [4:41] The Summit participants will be meeting some new committee chairs and ranking members for the first time. This is going to be a great shift for the RIMS Legislative Summit. [5:02] This year will be a little different because there is going to be a significant tax bill passed. In 2017 there was a large package of temporary tax cuts which are set to expire this year. No one in Congress wants those tax cuts to expire and hit the American people with a tax hike. [5:27] To extend those tax cuts, Congress has to find other ways to generate tax revenue. So there will probably be a big tax bill this year. This is a good time to engage with the broader association community and members of Congress on these issues. [6:05] Mark says the Congressional Budget Office will rate how much of an impact, positively or negatively, a bill is going to have on the government's finances. Eight years was the maximum they could push out these tax cuts without the government going over the tax cliff. [6:30] These temporary tax cuts are set to expire in September. Congress will need to do something about that. [6:39] The top five RIMS legislative priorities are listed on the RIMS.org site. Please see the link in this episode's show notes. Justin and RIMS CEO Gary LaBranche discussed these legislative priorities in a recent RIMScast episode. [7:07] The top five legislative priorities, in no particular order, include third-party litigation funding. This issue is gaining a lot of traction in Washington. Mark defines third-party litigation funding as private investors backing civil litigation with significant sums of money. [7:39] There are currently no disclosure requirements. It can be a national security risk when foreign agents fund litigation here in the United States. Funders are often in a position to take control of litigation. They often get paid before the claimants and there is little regulation. [8:23] On both sides of the aisle, there's a feeling that Congress needs to adopt, at least, some disclosure requirements so the courts and arguably, the other parties to the lawsuit are aware of who is backing this litigation. [8:43] RIMS is particularly concerned about the national security threat. There could be bad players from around the world funding litigation against American businesses. This concern seems to be gaining traction in the House and the Senate. [9:08] RIMS is very happy to be actively involved in a broader group that's working on this issue. [9:27] The Plaintiffs Bar loves third-party litigation funding because it can make filing and pursuing lawsuits extremely profitable. They may not embrace limits on it. [10:10] Another legislative priority is data privacy and cyber security. RIMS is interested in having Congress pass a uniform data privacy law. Right now, there's a patchwork of state laws that your company needs to know if it operates in multiple jurisdictions. It's not an easy thing to do. [10:45] The last session of Congress came close to passing a Uniform Data Privacy Bill. That bill had a couple of significant flaws. It created carve-outs for the laws of favored states such as California, New York, and Massachusetts. [11:24] It also created a private right of action so individuals could sue companies for failing to comply with this law. The outcome of those cases would be on a state-by-state basis. Over time, this would lead to a patchwork of state laws. [11:48] RIMS is hoping to get a better version of the unified standard bill passed this session. [11:53] RIMS is looking for a reauthorization of the National Flood Insurance Program (NFIP), currently part of the Continuing Resolution funding the federal government. It's “must pass” legislation. Few serious lawmakers would consider it good to shut down the government. [12:25] The Continuing Resolution gets renewed regularly. The NFIP, rolled up into it, also gets renewed regularly. It's hard to make structural enhancements to a program that is part of the Continuing Resolution. The CR is often passed at the last minute; it's hard to change it. [13:21] Non-profit Tax Reform is a new issue. It's in a tax bill being considered to generate revenue to cover extending the expiring tax cuts. Tax-exempt organizations pay taxes on unrelated business income, which is a foggy area. Many organizations don't pay any tax. [13:54] There is a movement to reconsider non-profit tax exemptions. The idea is that the corporate tax rate, currently 21%, should be levied against all non-donation revenue that associations and non-profit organizations generate. [14:10] For RIMS, that would include event revenue, sponsorships, royalties, membership dues, and any other non-donation revenue. It's a significant deal. [14:29] Mark sees two drivers to this idea. The first is, that Congress does need to find a big pot of money to make sure the government doesn't go off this tax cliff. The second is an intellectual argument that it's time to take another look at why we're not taxing these organizations more. [14:52] It's a significant issue for RIMS and the association community at large because of the financial hit they could all take. Mark believes it will be considered by Congress relatively early this year. [15:05] Justin adds a statement that “RIMS has joined the steering committee of ASAE's Community Impact Coalition to protect the non-profit community and educate Congress on the societal benefits of the tax-exempt sector.” [15:21] ASAE is the American Society of Association Executives. It's an association for association people. Justin met some of the ASAE executives at an NYSAE event last year. They are all in alignment on this issue. [15:43] Plug Time! RIMS Webinars! HUB International continues its Ready for Tomorrow Series with RIMS. On February 20th, they will host “Ready for the Unexpected? Strategies for Property Valuation, Disaster Recovery and Business Continuity in 2025”. [16:03] On March 13th, our friends from Global Risk Consultants will return to discuss “How to Make Your Property Insurance Submission AI-Ready”. [16:13] On a unique day and time, March 26th at 2:00 p.m. Eastern Time, members of the RIMS Strategic and Enterprise Risk Management Council will extend the dialog that began in the recent RIMS Executive Report “Understanding Interconnected Risks”. [16:31] More webinars will be announced soon and added to the RIMS.org/webinars page. Go there to register. Registration is complimentary for RIMS members. [16:43] Nominations are also open for the Donald M. Stuart Award which recognizes excellence in risk management in Canada. Links are in this episode's show notes. [16:54] The First of (hopefully) Many RIMS Texas Regional Conferences will be held in San Antonio from August 4th through 6th, 2025. The Risk Management Roundup in San Antonio is set to unite the Texas RIMS Chapters and welcome risk professionals from around the world. [17:13] You can join as a speaker. The Conference Planning Committee is interested in submissions that explore technology and cyber risk, workforce protection and advancement, energy and sustainability, extreme weather, construction, restaurant, retail, hospitality, and more. [17:35] The deadline to submit your proposal is Monday, February 24th. The link to the event and the submission process is in this episode's show notes. Go check it out! [17:47] Let's Return to My Interview with RIMS General Counsel & VP of External Affairs, Mark Prysock! [17:58] The fifth RIMS top legislative priority is the Invest in Tomorrow's Workforce Act. That has emerged in the last year or so, about 529 Savings Plans. In the last Congress, there was strong bi-partisan, bi-cameral support to pass this legislation. [18:15] This bill would allow College 529 plans to be used to pay for certification programs, like the RIMS-CRMP. There's a strong coalition, led by ASAE, that emerged last year to get this legislation moving. [19:06] This bill would benefit association members in two ways: Members with 529 plans could use them for certifications, and many associations have certification programs that would benefit if 529 dollars were used to pay for them. [19:34] Will all five priorities be addressed on Capitol Hill during the Summit? Mark will prep RIMS members to go forward and talk about all five issues. It's possible that some of the issues will not have surfaced enough for RIMS members to spend a lot of time discussing them. [19:50] If no House or Senate bill has been introduced on the issue, it would be premature to try to have a conversation about it with a Congressional staffer or a member of Congress. On the other hand, an issue may already have been settled and wouldn't be a priority to discuss. [20:23] Mark is moving forward with the idea that there will probably be five issues, but practically speaking, it may work out to be three. [20:39] The agenda for the Legislative Summit is on the RIMS Advocacy page. Click on the Register Now button to see it. [20:58] Mark gives an overview of what to expect at the RIMS Legislative Summit 2025. Wednesday, March 19th, is Education Day, a crash course in legislation. U.S. Chamber lobbyists, members of the administration, members from Capitol Hill, and Mark will talk on these issues. [21:24] The idea is to make sure RIMS members are well-briefed before they go to the Hill. They will understand the key talking points and will have the key talking points in hand. It's very important to know what the “ask” is; what we are asking the members of Congress to do. [21:46] By the end of the day, the RIMS member will be prepped. On Wednesday evening there will be a nice reception. [21:56] Thursday, March 20th, is the day the RIMS members go to the Hill, meet with Congressional Staff, maybe meet with members of Congress, and talk about the RIMS legislative priorities. [22:38] Something Mark is working on and hopes to finalize and announce soon is a private tour of the U.S. Capitol Building on Tuesday, for those who arrive early enough. Tours are normally led by current or former members of Congress. The tours are entertaining and memorable. [23:09] Mark is a former Congressional staffer. He enjoyed working on Capitol Hill. He spent a lot of time sitting across the table from people like the RIMS members. He emphasizes that Congressional staff are more interested in hearing from you (constituents) than from lobbyists. [24:11] Don't in any way be intimidated by the thought of going up to Capitol Hill and lobbying. The staff do want to hear from you! [24:24] Mark and his experience help put the RIMS attendees at a little bit of an advantage in putting things in a way that will get through to the staffers and be heard. He speaks the language! [24:52] Mark, it has been a pleasure to see you. One thing I want to mention: Only U.S. RIMS members and individuals who are representing U.S.-based entities of RIMS can attend the RIMS Legislative Summit! You don't have to live in the U.S. to be an attendee. [25:16] Mark is looking for a keynote speaker to speak to the RIMS Legislative Summit 2025 at the reception on Wednesday the 19th. Stay tuned! [25:56] Special thanks again to RIMS General Counsel and Vice President of External Affairs, Mark Prysock. Learn more about RIMS advocacy efforts at RIMS.org/Advocacy. If you go there, you'll find the registration page for the RIMS Legislative Summit on March 19th and 20th, 2025. [26:18] More announcements about the summit will be made here on RIMScast as they are released. Also on the RIMS Advocacy page, check out the RISKPAC, the RIMS Political Action Committee, the Chapter Advocacy Ambassador program, and more. [26:33] More RIMS Plugs! You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. [27:01] RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let's collaborate and help you reach them! Contact pd@rims.org for more information. [27:19] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information. [27:37] Risk Knowledge is the RIMS searchable content library that provides relevant information for today's risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more. [27:53] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management. [28:07] Justin Smulison is the Business Content Manager at RIMS. You can email Justin at Content@RIMS.org. [28:15] Thank you all for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!   Mentioned in this Episode: RISKWORLD 2025 — May 4‒7 | Register today! | Super savings rate ends Feb. 28. RIMS Legislative Summit — March 19‒20, 2025 RIMS Announces Legislative Priorities for 2025 Nominations for the Donald M. Stuart Award Spencer Educational Foundation — General Grants 2026 — Application Dates RIMS-Certified Risk Management Professional (RIMS-CRMP) RISK PAC | RIMS Advocacy RIMS Texas Regional Conference 2025 | Submit an Educational Session by Feb. 24. RIMS Risk Management magazine RIMS Webinars: RIMS.org/Webinars “Ready for the Unexpected? Strategies for Property Valuation, Disaster Recovery and Business Continuity in 2025” | Sponsored by Hub International | Feb. 20, 2025 “How to Make Your Property Insurance Submission AI-Ready” | Sponsored by Global Risk Consultants, a TÜV SÜD Company | March 13, 2025 “Understanding Interconnected Risks” | Presented by RIMS and the Strategic and Enterprise Risk Management Council | March 26, 2025   Upcoming RIMS-CRMP Prep Virtual Workshops: “Stay Competitive with the RIMS-CRMP” | Presented by the RIMS Greater Bluegrass Chapter February 19‒20, 2025 | Instructor: Chris Mandel RIMS-CRMP Exam Prep with PARIMA | March 5‒6 and April 22‒23 | Virtual Full RIMS-CRMP Prep Course Schedule   Upcoming Virtual Workshops: “Fundamentals of Insurance” | Feb. 19‒20 | Instructor: Gail Kiyomura “Applying and Integrating ERM” | Feb. 26‒27 | Instructor: Elise Farnham “Managing Data for ERM” | March 12 | Instructor: Pat Saporito See the full calendar of RIMS Virtual Workshops RIMS-CRMP Prep Workshops   Related RIMScast Episodes: “Kicking off 2025 with RIMS CEO Gary LaBranche”   Sponsored RIMScast Episodes: “Simplifying the Challenges of OSHA Recordkeeping” | Sponsored by Medcor “Risk Management in a Changing World: A Deep Dive into AXA's 2024 Future Risks Report” | Sponsored by AXA XL “How Insurance Builds Resilience Against An Active Assailant Attack” | Sponsored by Merrill Herzog “Third-Party and Cyber Risk Management Tips” | Sponsored by Alliant “RMIS Innovation with Archer” | Sponsored by Archer “Navigating Commercial Property Risks with Captives” | Sponsored by Zurich “Breaking Down Silos: AXA XL's New Approach to Casualty Insurance” | Sponsored by AXA XL “Weathering Today's Property Claims Management Challenges” | Sponsored by AXA XL “Storm Prep 2024: The Growing Impact of Convective Storms and Hail” | Sponsored by Global Risk Consultants, a TÜV SÜD Company “Partnering Against Cyberrisk” | Sponsored by AXA XL “Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh “Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos “Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL “Elevating RMIS — The Archer Way” | Sponsored by Archer “Alliant's P&C Outlook For 2024” | Sponsored by Alliant “Why Subrogation is the New Arbitration” | Sponsored by Fleet Response “Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd. “Subrogation and the Competitive Advantage” | Sponsored by Fleet Response   RIMS Publications, Content, and Links: RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community! RIMS Virtual Workshops On-Demand Webinars RIMS-Certified Risk Management Professional (RIMS-CRMP) RISK PAC | RIMS Advocacy RIMS Strategic & Enterprise Risk Center RIMS-CRMP Stories — Featuring RIMS Vice President Manny Padilla!   RIMS Events, Education, and Services: RIMS Risk Maturity Model®   Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.   Want to Learn More? Keep up with the podcast on RIMS.org, and listen on Spotify and Apple Podcasts.   Have a question or suggestion? Email: Content@rims.org.   Join the Conversation! Follow @RIMSorg on Facebook, Twitter, and LinkedIn.   About our guest: Mark Prysock, RIMS General Counsel & VP of External Affairs   Production and engineering provided by Podfly.  

If you or someone you know is experiencing a mental health crisis, please call the Suicide and Crisis Lifeline at 988. It's Thursday and that means it's time to catch up on politics with The Times-Picayune/The Advocate's editorial director and columnist, Stephanie Grace. She tells us about rising tension between Mayor LaToya Cantrell and the city council over the city's role collecting taxes  for other government entities.A new report from the Newcomb Institute found that over 10% of Louisiana adults struggle with severe depression and/or anxiety and 9% have either attempted suicide or had suicidal thoughts. Dr. Anita Raj, executive director of the Newcomb Institute, tells us more about this study and how Louisianans can prioritize their mental health and seek treatment. Louisianans are told, it doesn't matter where you live, you should have flood insurance. But many people cannot afford the National Flood Insurance Program's premiums. Now, we're not only seeing more people dropping coverage, but those who do purchase insurance are paying higher rates.Reporter Elise Plunk of the Louisiana Illuminator tells us about the issues that arise when people drop their policies, and the Catch-22 that's created for those who continue to buy insurance.__Today's episode of Louisiana Considered was hosted by Bob Pavlovich. Our managing producer is Alana Schreiber. We receive production and technical support from Garrett Pittman, Adam Vos and our assistant producer, Aubry Procell.You can listen to Louisiana Considered Monday through Friday at noon and 7 pm. It's available on Spotify, the NPR App, and wherever you get your podcasts. Louisiana Considered wants to hear from you! Please fill out our pitch line to let us know what kinds of story ideas you have for our show. And while you're at it, fill out our listener survey! We want to keep bringing you the kinds of conversations you'd like to listen to.Louisiana Considered is made possible with support from our listeners. Thank you!

In today's episode of The Daily Windup, Eric Coffie interviews an expert who provides insights into the controls that need to be implemented by anybody using containers, such as OpenShift and Kubernetes. Organizations that modernize to the cloud and those running VMs may want to move to a more orchestrated environment using containers. They highlight the need for certain configurations, including agentless implementation and telemetry, for analysts to monitor environments for attacks, power abuses, and traffic. They also talk how FEMA helps organizations like the National Flood Insurance Program, move from a 5-year-old mainframe to OpenShift three, and soon to OpenShift four. The new technology allows for flood insurance to be issued in real-time, and they have set up an environment that can withstand external risks from the container platform while restricting access from the GetGo. Tune in to listen the importance of having these systems in place for your business!

Guest: Dr. Philip Mulder, Assistant Professor at UW-MadisonOnce you become a homeowner, you are flooded with the overwhelming responsibility of protecting your home, which means that you are going to need home insurance! But is it fair that your insurance may cost significantly more because of the weather that tends to happen around you? Or, what if homeowner's insurance isn't even available to you at all because of the weather? That is the current reality for some home and business owners across the U.S. Today on Weather Geeks, we brought on economist Dr. Philip Mulder who has already crunched the numbers about why that is and how insurance providers can get away with this..Chapters00:00 Introduction to Homeowner's Insurance and Climate Risks02:53 The Role of the National Flood Insurance Program05:54 Challenges of Flood Mapping and Insurance Coverage09:08 Impact of Recent Hurricanes on Insurance11:54 Understanding Mortgage Escrow and Insurance Premiums14:56 Trends in Homeowners Insurance Premiums17:49 The Role of Reinsurance in Insurance Markets21:05 Climate Change and Future Insurance Trends23:59 Insurance Burden on Low-Income Communities27:04 Future Research Directions in Insurance and Climate RiskSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Dana Sutton, flood practice lead at NFP, discusses the evolving landscape of flood insurance, the misconceptions surrounding flood risk, and how both the private market and National Flood Insurance Program can work together.

Advocates are calling on landowners who can vote on the Tuscan Water District to cast their ballot against funding the groundwater management proposal. They say it unfairly favors large-scale, out-of-state landowners. Also, several flash flood warnings have been issued in the past few weeks. We hear from an expert about the National Flood Insurance Program, and the Chico Ice Rink is open for the season in downtown.

Major flooding events are increasingly common across the U.S., but homeowners looking for flood insurance will find few choices. The main providers of flood insurance is the U.S. government through the National Flood Insurance Program, or NFIP. But even though the NFIP is one of the only flood insurance games in town, it's drowning in debt. On today's episode, the NFIP's struggle to stay afloat. Related listening: Hazard maps: The curse of knowledge (Apple / Spotify) When insurers can't get insurance Flood money For sponsor-free episodes of The Indicator from Planet Money, subscribe to Planet Money+ via Apple Podcasts or at plus.npr.org. Music by Drop Electric. Find us: TikTok, Instagram, Facebook, Newsletter. Learn more about sponsor message choices: podcastchoices.com/adchoicesNPR Privacy Policy

Welcome back to Sustainability Street, our podcast on the intersection of commercial real estate and the world we live in. For this episode, my guests—Sairah Burki, managing director & head of Regulatory Affairs & Sustainability at the Commercial Real Estate Finance Council, and David McCarthy, CREFC managing director & head of Legislative Affairs—delve into the legislative logjam around the National Flood Insurance Program, which, though basically insolvent, is the only flood insurance alternative for many. They also discuss the need for long-term authorization, and innovative strategies around flood coverage. “The policymakers have to decide who is going to pay for this,” McCarthy said. "Is it going to be the Federal government? " Here are some highlights from our conversation: A worsening problem (1:30) The rising cost of coverage (7:17) What it means for owners and lenders (8:37) A bi-partisan concern (12:58) The industry lobbies for clarity and resilience (15:22) What a new administration means for sustainability (23:27) Follow, rate and review CPE's podcasts on ⁠Spotify⁠ and ⁠Apple Podcasts⁠! 

On this week's program, your host, Justin Mog, comes in out of the rain for a discussion about sustainable floodplain management and recovery in the wake of disasters like Hurricane Helene. Joining us this week is Eileen Shader, Senior Director of Floodplain Restoration at American Rivers (https://www.americanrivers.org/), who shares the results of a new analysis of the nation's floodplains by American Rivers and Conservation Science Partners which found that 90% of floodplains across the lower 48 have been adversely impacted by human actions. Listen in as we explore how the flood damage in western NC demonstrates how rivers are dynamic systems that need space to move across the floodplain. Learn how the National Flood Insurance Program influences where and how communities build next to rivers; and how NFIP flood hazard maps work, and how they can be improved. We discuss ways that communities, states, and the federal government can help affected communities rebuild better after floods; and the need for dam removal projects across the country. For a list of organizations accepting donations to assist flood victims in Appalachia go to: https://www.lpm.org/news/2024-09-30/how-to-help-hurricane-helene-survivors-in-appalachia ...And in western North Carolina: https://www.bpr.org/bpr-news/2024-09-28/list-ways-to-donate-and-help-flood-victims-in-western-north-carolina-after-hurricane-helene Other opportunities to support recent flood victims include: https://www.volunteerflorida.org/donatefdf/ https://easttennesseefoundation.org/grants/neighbor-to-neighbor-disaster-relief-fund/ https://www.nccommunityfoundation.org/nonprofits/disaster-relief-fund/hurricane-helene-response https://www.unitedwayabc.org/news/hurricane-helene-relief-efforts https://donate.mannafoodbank.org/ https://www.paypal.com/paypalme/belovedasheville https://www.redcross.org/donate/dr/hurricane-helene.html/ Additional resources: Natural Defenses: Safeguarding Communities From Floods: https://www.americanrivers.org/conservation-resource/natural-defenses-safeguarding-communities-floods/ Weathering Change: Policy Reforms that Save Money and Make Communities Safer https://www.americanrivers.org/conservation-resource/weathering-change/ As always, our feature is followed by your community action calendar for the week, so get your calendars out and get ready to take action for sustainability NOW! Sustainability Now! is hosted by Dr. Justin Mog and airs on Forward Radio, 106.5fm, WFMP-LP Louisville, every Monday at 6pm and repeats Tuesdays at 12am and 10am. Find us at http://forwardradio.org The music in this podcast is courtesy of the local band Appalatin and is used by permission. Explore their delightful music at http://appalatin.com

BREAKING - Hurricane Hellene with Jaclyn Rothenberg Director of Public Affairs at FEMA https://www.audacy.com/989word The Tara Show Follow us on Social Media Join our Live Stream Weekdays - 6am to 10am Facebook: https://www.facebook.com/989word Rumble: https://rumble.com/c/c-2031096 X: https://twitter.com/989word Instagram: https://www.instagram.com/989word/ "Red Meat, Greenville." 10/03/24

Welcome to Monday Night Talk podcast for July 22, 2024! Guests and topics for this podcast includes Joe “Flood” Rossi, an expert on flood insurance stops by with an update on the National Flood Insurance Program. Krista Cormier, with advocacy group Stop the Shock provides details on an upcoming rally. Republican State Committeeman & former State Representative Geoff Diehl gives insight on the Presidential race and last week's Republican National Convention. John Paul, host of WATD's Car Doctor show shares tips for purchasing a vehicle in today's market. Do you have a topic for a future show or info on an upcoming community event? Email us at mondaynighttalk@gmail.com If you're a fan of the show and enjoy our segments, you can either download your favorite segment from this site or subscribe to our podcasts through iTunes & Spotify today!  Monday Night Talk with Kevin Tocci, Copyright © 2024.

Tune in to HAR Community Conversations on Thursday, August 1, at noon as we welcome Gilbert Giron of FEMA. He will discuss flood risks in Houston, flood insurance, and the National Flood Insurance Program!   https://www.floodsmart.gov/   Sign up for Free Industry News Subscriptions for HAR Members here-   https://www.harconnect.com/free-industry-news-subscriptions-for-har-members/   Are you an HAR MLS Platinum Subscriber? Join our Facebook Group! Click to join. Sign Up for your free Real Estate News Subscription here. Sign up for your free Inman Select Subscription here. Follow us on Facebook, Twitter, Instagram, YouTube , and LinkedIn.

The insurance industry is lobbying for national flood insurance, funded by the federal government, to provide coverage for people who do not get coverage in flood zones now.

March 10-16 will be National Flood Awareness Week, and the Virginia Department of Conservation and Recreation wants Virginians to prepare for the possibility of flooding across the commonwealth. "Floods are the most common natural disaster and can happen without warning across the commonwealth," said Department of Conservation and Recreation Director Matthew Wells. The Virginia DCR helps communities comply with the National Flood Insurance Program, which allows homeowners to purchase federally backed flood insurance regardless of flood zone. According to the DCR, only 3% of Virginians have flood insurance, and since it can take 30 days for a new policy to...Article LinkSupport the show

Andy Sellers joined Fenstermaker's Lafayette Engineering group in December 2006 and gained professional engineering licensure over a decade ago in 2013. Andy specializes in civil projects for municipal and parish clients.  Currently serving as the Engineer for the City of Carencro, Mr. Sellers manages client relations, engineering services, and infrastructure projects. His responsibilities span the design and enhancement of drainage systems, floodplain management, roadway design, utility design, site design, construction administration, and plan review for commercial and residential developments. In his capacity as a Certified Floodplain Manager, Andy collaborates closely with the City of Carencro's planning department to oversee and administer floodplains within the city limits. He plays a pivotal role in the annual recertification of the City's participation in the National Flood Insurance Program's Community Rating System, actively contributing to secure funding for flood mitigation projects through various grant programs, and serving as agency coordinator for these initiatives. 

Listen Up Home Buyers—Jeff Jackson With FIMAVictoria: Hi, I'm Victoria Ray Henderson, the host of the NABA podcast, Listen Up Homebuyers. So happy to have back for a second round of conversations, Jeff Jackson, the Deputy Assistant Administrator for the Federal Insurance Directorate. He leads flood insurance operations for the National Flood Insurance Program at FEMA. And Jeff, I want to thank you so much for being a guest again on Listen Up Homebuyers.Jeff: Thanks. It's great to be back.Victoria: So glad to have you. I'd like to start with a very general question. What should every homebuyer know about flood insurance?Jeff: The most important thing to know is then that in all but the rarest of cases, flood risk is not insured through your homeowner's insurance policy. If you want to have coverage for water that comes from the outside and comes inside your house, so not stink backups, not toilet backups. Those kinds of things, but water coming in from the outside, it requires a separate flood insurance policy. You can either buy that from the National Flood Insurance Program, which is through FIMA, or there often are a number of private flood insurance policies that you can buy as well.Victoria: So if somebody lives in an area that isn't by the coast, isn't necessarily by a creek or a river, what do they need to know about flood insurance?Jeff: Well, it floods everywhere. There have been in the last little bit under 25 years, 99% of the counties in America have flooded. So, it's happening somewhere in your county. And what I would say is it's not always readily apparent just by looking around and seeing the distance to the nearest water source, although that's an extremely important factor. Changes in our built environment, the more we see paving, the more we see development of what was traditionally green space can raise our flood risk as well. And so there can be an illusion that you don't have flood risk when in actuality, you're at least perhaps moderately risky. And that certainly is an area when you get there, you would at least want to strongly only consider buying a flood insurance policy.Victoria: Okay. So as you know, I only work for people buying homes as an exclusive buyer broker. So the first thing that we typically do when they're going to be buying a home is see how well they're qualified to obtain a mortgage. At what point should a home buyer be looking at the risk that could be potentially there in a house of interest?Jeff: I would say it's when you get that listing from your broker and you see a list of houses, it's good to go look them up on the FIMA maps to see if it's a place where you would have to buy flood insurance. And we certainly went over this the last time I was here. But for the folks who are checking in for the first time, if you are in a high-risk area, what's called a special flood hazard area, and you have a federally backed mortgage, which is most mortgages, then you're required to buy. For everyone else, it's an option to buy, and for those where it's required, certainly as you go through the lending process, that will be made clear to you.But really, getting back to the heart of your question, it's when you walk through the door of the house for the first time. It's everything from knowing if it's in a high-risk area as you go and choose to look at the listing, as well as when you walk through the property, look around and look for what are there any signs of water in this house? Are there stomp pumps? Has clearly work been done because there's a drainage issue in a basement? Many places have that. So you don't have to be scared away that it's a matter of going in and learning as much as you can about the property so that you make a decision about whether or not to purchase it, and then if you do purchase it; First, do you have to buy, have flood insurance? And then second, should you choose to buy flood insurance?Victoria: Right, I always tell people that I'm working with that when we go into a house, the first thing I'm going to tell you is everything that's wrong with it. And I go straight to the basement because we both live in the greater Washington, D.C. area, and we have a lot of wet basements, a lot of issues, along the Potomac River. Just last week, I'm working with clients in Old Town, Alexandria, and they were interested in a condominium, and I checked the flood maps, and it's in an A.E. flood map. Walk me through what your advice would be for a homebuyer in that situation if they really wanted to put an offer in on a place like that.Jeff: The first thing I would do is reach out to your insurance agent and get a quote, not just for homeowners insurance, but also for flood insurance. If you're in that A.E. zone, that's one of the zones that is required to purchase if you have a federally backed mortgage. So I would go get a flood quote and factor that in, the cost of that in, when you're determining the affordability of the house, and as you're comparing it to other properties, perhaps where you might not have to buy a flood insurance policy and make that part of your buying decision, the more you can learn about a property, including from the cost perspective. But your number one trigger should be, have your insurance agent on speed dial. So, when you see that house, you know that Saturday is coming, you're getting excited about going and looking at all these properties, you know for that one, you would have to factor in cost.Victoria: When people are looking at properties and it's zoned X, but they aren't that far from a zone A.E., you had mentioned that typical flood insurance isn't covered in most homeowners insurance. Is that correct?Jeff: That's right.Victoria: Yeah. So, if you are anywhere near an A.E., would your advice be to go ahead and look into flood insurance?Jeff: I would go ahead and do it for a couple of reasons. The FIMA flood maps are really a regulatory product designed to decide when we as a country and particularly looking out for the mortgage holders' interest, when we're going to say, hey, we need you to go ahead and purchase this insurance because your high risk. If you're just outside of the high-risk area, you're not no risk, and that's the biggest myth that we have to bust here as we teach folks about flood risk in America. You're probably at medium risk. Medium to medium high is a good way of characterizing it.What we know over time is it only takes about an inch of water that can quickly get you up to around a $25,000 cost repairing your home. So, in that circumstance, I certainly would buy a policy. It really gives you peace of mind. It is an expense and I know with housing being so expensive and insurance costs are rising, it's not exciting to add an additional expense into the household budget to be sure. But we talk to people every year who do have the coverage and who do experience a loss. And they look at, let's say, a $50,000 or $60,000 flood loss, which is pretty common.Victoria: Okay.Jeff: Not average, but common, and so if you don't have the coverage, you're looking at covering that, putting things on a credit card, taking it out of your home equity. If you just bought the property, depending upon the size of your down payment, you may not have a lot of equity, and it really can set you back. People get set back decades and don't financially or don't financially recover at all. So particularly for the people in that situation that you described, it would be a great investment. Your home is your biggest investment for most of us, and this certainly will help you protect that investment.Victoria: Is it possible to give kind of an average, and we're not going to hold you to this, but an average cost for flood insurance? So people have some idea of what they'd be looking at.Jeff: Our average cost is a little bit over $800 right now.Victoria: Okay.Jeff: But it can range and particularly for those who are just outside of a high-risk area, it's going to be a little bit more than that probably. But the average cost right now is just a little bit over $800. The National Flood Insurance Program was created because we have an insurability problem in America, as well as an affordability problem. We haven't unfortunately solved the affordability problem in all these years, but the NFIP is here and we'll sell a policy to anyone in any of the 22,600 participating communities. So that availability problem that we see with, you know, we see insurers pulling out of places like California. We see people dropping people in Florida, insurers dropping people in Florida.With the NFIP that we're going to be there and we're going to continue to sell you the insurance. It is going to be at a risk-based price. That's the affordability piece of things, and it's one of the reasons why certainly for those who can afford to do so, we encourage you to buy, and for those that can't afford it, we continue to advocate to Congress to provide some type of assistance, and we're hopeful that one day that'll be in place as well.Victoria: On this podcast, we're going to include some links so that people can learn more, from the FIMA maps and regarding the flood insurance that you're talking about. Is there anything else that you would like consumers to know and specifically, again, people who are buying homes, anything that you could share with your expertise?Jeff: One is that the FIMA flood map is a snapshot in time. It may be some vintage and certainly has to be reevaluated to make sure it continues to represent the flood picture every five years, but a lot can happen in five years. Maps get updated on a priority order. And so, it's not uncommon to see a 10-year-old map that probably is pretty close to what the risk is. But if you're expecting fine line gradations and risk, that's not really what it's designed to do. It's designed to say it's tremendously helpful for the folks in your community who manage the floodplain, particularly at the county level. It's an important technical product for them. It's important for realtors and it certainly important to help you learn if you have to buy.What it's not great at is a nuanced view of risk, and so I caution against over-reliance on the flood maps, and I think the way you look at it is the right way to think about it, which is not just, am I in or am I out of the high risk zone? But how close am I to water sources? And then give some thought and have some conversation around what have been the changes to the built environment? Say, every map will have a date on it. What's the environment? What's happened since that map was put into place? That certainly is one thing.The second thing I would say is for many years, there's been a school of thought, which is that if you don't have to buy the insurance, you don't need it, you don't need to talk about it. I caution against anybody, gives you a very dismissive, oh, you don't need that, and so we don't need to bother to talk about it. I think that's a thinking that's a little bit behind the times and is certainly not where I would want to be as a consumer in terms of getting service from whoever would be giving me that advice. So I would counsel against you don't need it. I think there are a number of great agents. There are a number of great insurance agents who will help talk you through a nuanced conversation. I think somebody who's willing to get in a conversation with you is where I would want to be as a buyer.Victoria: Yeah, I think exclusive buyer brokers like myself, and we're all over the country, one of the first things we want to do is educate and inform, which is why I have you on this podcast, because people need to know what the risks are, and then they can make a decision based on that. I live in the Washington area, and every summer, I end up flocking to the beach, just like everybody does. Sometimes I drive along that strip, that little narrow strip of Ocean City and Lewis, Delaware, and then Dewey and Rehoboth and just think, this is a pretty risky area.Jeff: Yeah, it certainly is, there's been so much evolution in the science of catastrophe modeling and learning all the flooding events that potentially could happen. The more I talk to those experts, the more that I learn is that the amount of time we're in a home is infinitesimally small. It's just minute, and you'll hear owners of homes say, I've been here for 10 years, I've been here for 15 years, and it's never flooded. So, it's probably not likely to flood. And while previous flooding experience is important, it's just such a small amount of time. I mean, the way the water patterns work, 100 years is just beginning to get to the point where you really get a keen sense of how water is moving around and what the risk is in a particular area.And then that's on top of the fact that we change things so much. I mean, we're fortunate to live in these areas where things are getting torn down and things are getting rebuilt and we need additional parking. And so, there's got to be an extra lot. And so, there's all these things that sort of hopefully will move us away from maybe the people selling us the property had it for 15 years and it never flooded there. I wouldn't let that be the end of my inquiry.Victoria: No, definitely not. I mean, it's the biggest financial commitment you're going to make in your life until you, I guess, do it again. But you don't want to make a mistake like this.Jeff: We have a great website called FloodSmart.gov. It has all kinds of information about flood insurance policies, and that's important, but also just about flood risk in America. So, it's a great resource to go out and learn a little bit. Encourage your listeners to go check that out and we've got some videos on that as well. So, go check that out.Victoria: Great. Jeff Jackson is the Deputy Assistant Administrator for the Federal Insurance Directorate. He leads flood insurance operations for the National Flood Insurance Program at FIMA. Jeff, it is such a pleasure to talk to you again about flood insurance here on Listen Up Homebuyers.Jeff: It was great to be with you. Thanks.FEMA flood insurance Listen Up, Home Buyers! The podcast offering advice and tips from true buyer agents. Host and Producer, Victoria Ray Henderson is the owner and broker of HomeBuyer Brokerage in the Washington D.C. area. Victoria is and a member of the National Association of Exclusive Buyer Agents.

Episode 702: The January property reinsurance renewal has set the stage for an interesting year ahead. On today's Unscripted, Neil Alldredge, NAMIC president and CEO, talks with Aon's Brad Melvin and Patrick Abbe about the shifting market dynamics and what we can expect in 2024. 

Jeff Jackson has served as the Deputy Assistant Administrator for the Federal Insurance Directorate within Resilience since 2020. In this role, Jeff leads flood insurance operations for the National Flood Insurance Program (NFIP) at FEMA. The NFIP currently has approximately 4.7 million policyholders across the nation. The program collects over $3.5 billion in revenue annually. During […]

What is the National Flood Insurance Program? How does it work? What is being done to modernize and transform the program and how it operates? How is innovation and technology helping? Join host Michael Keegan as he explores these questions and more with Jeff Jackson, Deputy Assistant Administrator, Federal Insurance Directorate at FEMA. Learn more about your ad choices. Visit podcastchoices.com/adchoicesSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

What is the National Flood Insurance Program? How does it work? What is being done to modernize and transform the program and how it operates? How is innovation and technology helping? Join host Michael Keegan as he explores these questions and more with Jeff Jackson, Deputy Assistant Administrator, Federal Insurance Directorate at FEMA.

Treasury Secretary Yellen and President Biden on GDP report, uncertainty surrounding Senate border security talks, Donald Trump testifies at the E. Jean Carroll defamation trial, former Trump White House adviser Peter Navarro sentenced for defying congressional subpoena, Senate hearing on National Flood Insurance Program, Pentagon says U.S. and Iraq will start talks on ending U.S.-led coalition against ISIS. Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to Monday Night Talk podcast for January8, 2024! Guests and topics for this podcast includes Joe Rossi who stops by with an update on the National Flood Insurance Program plus news regarding his work with the town of Marshfield. State Representative Kathy LaNatra discusses a new personal initiative plus talks about getting back to work at the state house after the holidays. Becky Coletta, who recently was a member of the Pembroke Select Board, announces her run for the 6th Plymouth District State Representative seat. Finally, WATD Sports Director Quinn Kelly and Jerry Thornton from Barstool Sports discuss the end of the New England Patriots regular season and possible changes that may take place in Foxboro for the 2024 season. Do you have a topic for a future show or info on an upcoming community event? Email us at mondaynighttalk@gmail.com. If you're a fan of the show and enjoy our segments, you can either download your favorite segment from this site or subscribe to our podcasts through iTunes & Spotify today!  Monday Night Talk with Kevin Tocci, Copyright © 2024.

NAHB Chairman Alicia Huey joins Housing Developments to discuss how her business as a home builder has been impacted by the issues NAHB is focused on, like funding the National Flood Insurance Program and Job Corps.

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society. Mark Prysock is the RIMS General Counsel & VP of External Affairs. Lynn Haley Pilarski is the RIMS External Affairs Committee Chair and the Risk & Insurance Counsel for GM. In this episode, Mark and Lynn update us on the RIMS Legislative Summit 2023 to be held in Washington D.C. on October 25th and 26th. They explain why it is important for RIMS Advocacy Ambassadors to participate from every state in the U.S. They review the top RIMS legislative concerns and how you can become educated on these issues and discuss them knowledgeably with Congressional Staffers. They share their enthusiasm about this critical event and how it will benefit you to attend. Listen in to learn about the legislative matters important to U.S. risk managers.   Key Takeaways: [:01] About RIMScast. [:35] About today's episode, where we will discuss RIMS Advocacy and government affairs and the RIMS Legislative Summit 2023 with Lynn Haley Pilarsky and Mark Prysock. [1:00] All about exciting, upcoming RIMS events! Registration is open for the RIMS Canada Conference 2023, which will be held September 11th–14th in Ottawa! Visit RIMSCanadaConference.ca for details. [1:21] For those of you based in Canada, Justin wants to hear from you about a game show he will be hosting on September 13th. A link to a 15-question survey is in this episode's notes. Justin needs your honest feedback, so he can say, “Survey says: …” Please check out the links in this episode's notes! [1:45] On September 14th, the Spencer Educational Foundation returns to New York City for its Annual Funding Their Future Gala. The event will be held at the Cipriani on 42nd Street. A link is on this episode's notes. You can also visit SpencerEd.org. [2:01] The RIMS Western Regional Conference will be held October 4th–6th in Vail, Colorado. Visit RIMSWesternRegional.com for more information and to register. [2:14] Head to the RIMS.org/Advocacy page to find information about The RIMS Legislative Summit, which is returning to Washington, D.C. on October 25th and 26th. [2:27] We are very excited about the RIMS ERM Conference 2023, which will be held November 2nd and 3rd in Denver, Colorado! The theme is Elevate and Evolve. The Conference will be different than years past with some great changes; book your travel plans now! Visit the Events page of RIMS.org or the links in this episode's notes. [2:55] RIMS has several key items that need to be addressed by the U.S. Government to protect the interests of the risk profession. These topics include cybersecurity, terrorism, and floods. [3:08] Here to discuss these critical topics are RIMS External Affairs Committee Chair, Lynn Haley Pilarksy and RIMS General Counsel and VP of External Affairs, Mark Prysock. We will discuss how these topics will play a huge role when RIMS returns to Capitol Hill during the RIMS Legislative Summit on October 25th and 26th. [3:29] Lynn Haley Pilarksy and Mark Prysock, welcome back to RIMScast! [4:15] Lynn Haley Pilarksy is Counsel, Risk Management Insurance for General Motors, and the LTM Sales Risk Manager. She is President of RIMS Detroit and the Chair of the RIMS Public Policy Committee. She'll sleep after her renewals are done! [4:57] Mark Prysock is the General Counsel and Vice President of Public Policy at RIMS. His responsibilities include staffing the Public Policy Committee, which oversees RIMS' legislative efforts; also staffing the RISK PAC Trustees Committee. [6:07] Mark believes we are heading toward a government funding crisis. If the government shuts down, the National Flood Insurance Program will temporarily not be funded. RIMS is a big supporter of the NFIP program, and it is hanging in the balance. [8:57] Lynn agrees on the importance of the NFIP, given recent hurricanes. RISK PAC is well-received when they speak to Congress on the NFIP. Congress understands the importance of having the NFIP in place. It's critical for people who live, work, and have property in flood zones. It's a good conversation for RISK PAC to have in Congress. [9:55] RISK PAC also always tries to talk about how NFIP coverages can be improved and enhanced and the legislation around them should be changed. Can we improve mapping? Some of the NFIP maps are from the 1960s. Topographies change over time so it's important to have these systems updated so the risks are reflected accurately. [10:40] Lynn says RISK PAC also talks to Congress about reinsurance and if the government can have some policies on expanding the role of reinsurance. Congress supports the NFIP but it's tied to the government funding. RISK PAC is asking to get the NFIP reauthorized as part of the upcoming funding bill. [11:26] Mark comments on the Republican strategy of presenting separate funding bills instead of an all-or-nothing omnibus bill. They want to look at programs individually and identify places where funding can be cut. There is a series of 12 House bills in process. [13:06] Mark says data privacy is another 2023 RIMS priority. There are a lot of industries and association groups engaged in the issue of data privacy. RIMS plays an important role in the discussion of creating a national data privacy standard rather than state-specific standards which are problematic for companies in multiple jurisdictions. [14:54] Lynn notes that the Pandemic Risk Insurance Act (PRIA)  was top-of-mind during the past two years. There is no broad legislative support for it now. RIMS still follows it and is part of a business coalition supporting it but is not presently advocating for it. [15:54] These priorities will be mirrored at the RIMS Legislative Summit, which will be back on the Hill on October 25th and 26th, 2023. Mark and Lynn will both be there. [16:15] Lynn's favorite thing to talk about is RIMS member involvement in the RIMS Legislative Summit and legislative activism. The Legislative Summit is the best way for risk managers and others in the risk community to speak directly to members of Congress and their staffs about issues important to the risk profession. [16:52] Lynn calls the Legislative Summit an incredible event. She invites anyone with an interest in advocacy to attend in October. In Lynn's opinion, it is the most rewarding thing that you can do as a risk professional. She is very enthusiastic about it! You meet with staffers, and they are the eyes and ears of the members of Congress. [18:28] RIMS plug time! Sponsor an episode of RIMScast! Contact us at pd@rims.org. For upcoming virtual workshops visit RIMS.org/virtualworkshops for the calendar.  Fundamentals of Insurance is a two-day virtual workshop hosted by Elise Farnham, September 12th–13th. [19:11] Managing Data for ERM is a three-module course that begins September 21st. [19:18] Optimizing Risk Management with Artificial Intelligence will be led on September 28th by Pat Saporito. Recent RIMScast guest Chris Hansen will be leading Managing Worker Compensation, Employer's Liability, and Employment Practices in the US on November 7th and 8th. Be sure to register for that course! [19:50] Information about these sessions and others is on the RIMS Virtual Workshops page. Check it out and register! [19:59] For anyone attending RIMS Canada on September 10th and 11th, we will host an in-person RIMS-CRMP Exam Prep In-Person Workshop in Ottawa, and it will be led by former RIMS President Chris Mandel. The next virtual CRMP workshop will be September 26th and 27th and it will be led by Joseph Milan. [20:27] Visit RIMS.org/Certification for these and future workshops. A link is also in this episode's show notes, as is a link to the full Virtual Workshop calendar. [20:39] There is a new RIMS webinar called A Decade of Disconnect: Understanding Multi-Generational Mental Health in the Workplace. It is sponsored by Travelers and Constitution State Services on September 7th, 2023 at 12:00 noon Eastern. [21:06] On September 12th, our friends at TÜV SÜD GRC are back with Seeing the Unseen: nVent's Proactive Approach to Fire Risk Detection With Infrared Imaging On September 26th, Gallagher returns to present A Road Less Challenged? An Outlook on the Management Liability Market at 10:30 a.m. Eastern Time. [21:28] Visit RIMS.org/Webinars to learn more about these webinars and to register! Links are on the show notes. Webinar registration is complimentary for RIMS members. [21:55] The RIMS Legislative Summit is open to RIMS members who are based in, or who have operations in, the U.S. Lynn speaks about advocacy ambassadors from RIMS chapters and meetings for them. If your chapter doesn't have an advocacy ambassador, is there a rising young member or student you can sponsor? It's a learning opportunity. [24:42] Mark is on the RIMS Legislative Summit agenda. He is going to help people feel comfortable when they go to the Hill to meet with members of Congress and their staff. Wednesday, October 25th is going to be RIMS Education Day, with panels such as key points of our legislative issues to lobby, and a mixed Congressional Staff panel. [26:07] The U.S. Treasury has asked if they could send a panel from the Federal Insurance Office to talk about initiatives they've been working on. There will be a panel on the insurance industry perspective on what's happening in D.C. right now. [26:49] RIMS is now in the The American Society of Association Executives (ASAE), on their Advocacy Council. They work to identify issues that impact the association community. The Freedom to Invest in Tomorrow's Workforce Act would liberalize the use of 529 College Savings Funds for certification and credentialing programs. [27:41] That use could be hugely beneficial to risk managers in particular. RIMS has a CRMP certification. If the 529 rules were liberalized, it would benefit RIMS members. Mary Kate Cunningham, the VP of Public Policy at ASAE, will speak about that legislation at the Summit. [28:31] Wednesday evening there will be the reception and dinner, with Keynote Speaker John E. Sununu, a member of the Sununu clan in New Hampshire. John E. Sununu is a former member of the House of Representatives and a former Senator. His brother is the governor of New Hampshire. His father served in the Bush administration. [29:50] Thursday is Lobby Day. All attendees will take talking points of key legislative issues to the Hill. They will meet with Congressional staff. It is better to meet with the right staffer than with a member, as the staff wants to hear from constituents affected by the legislation, and they have a better grasp on the legislation than the members do. [31:33] Lynn tells about her first Education Day. The panels and the educational topics will get you ready for a day of lobbying Congress on legislative issues. You will understand what the issues are. You will have handouts to study for your session and leave behind to give the staffers. When you're done, you will feel very empowered. [33:09] Justin tells how great his first Summit experience was, in 2018. [33:48] Mark says this Education Day will be taking place at the U.S. Chamber of Commerce building. It is a beautiful, iconic building. [34:43] Lynn's parting thought: Bring comfortable shoes! Be prepared to walk! This isn't a place to wear new shoes! [35:09] Mark's parting thought: If you haven't been to the Legislative Summit, and you're not sure you'll be comfortable in the role of a lobbyist for RIMS, I want to assure you that you are the person that the Congressional staffers want to talk to. They want to hear from constituents who are being directly impacted by the issues they're discussing. [35:58] The link to register is RIMS Legislative Summit and in the episode's show notes. Remember to visit RIMS.org/Advocacy. Justin thanks Mark and Lynn for rejoining us here on RIMScast, to share their perspective. [36:28] Special thanks again to Mark Prysock and Lynn Haley Pilarsky. Register for the RIMS Legislative Summit on October 25th and 26th in Washington D.C. The agenda is available now. Go to RIMS.org/Advocacy and there you can learn more about our advocacy efforts, including details on the RISK PAC. [36:37] Go to the App Store on your phone and download the RIMS App. This is a special members-only benefit. Everybody loves the RIMS app! [37:06] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let's collaborate! Contact pd@rims.org for more information. [37:48] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information. The RIMS app is available only for RIMS members! You can find it in the App Store. [38:12] Risk Knowledge is the RIMS searchable content library that provides relevant information for today's risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more. [38:28] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com and in print, and check out the blog at RiskManagementMonitor.com. Justin Smulison is Business Content Manager. You can email Justin at Content@RIMS.org. [38:49] Justin thanks you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!   Mentioned in this Episode: NEW FOR MEMBERS! RIMS Mobile App RIMS Legislative Summit – Oct 25 & 26, Washington, D.C. RIMS Advocacy RIMS Canada 2023 — Sept. 11–14 in Ottawa! RIMS Canada 2023 — Game Show Survey! Participate today! RIMS ERM Conference 2023 | Nov 2–3 in Denver, CO! Nominate a practitioner or risk group for the ERM Award of Distinction! Spencer Educational Foundation — Funding Their Future Gala — Sept. 14, 2023 RIMS Western Regional — Oct 4–6, Vail Colorado RIMS-Certified Risk Management Professional (RIMS-CRMP) Dan Kugler Risk Manager on Campus Grant RIMS Webinars: A Decade of Disconnect: Understanding Multi-Generational Mental Health in the Workplace | Sponsored by Travelers | Sept. 7, 2023 Seeing the Unseen: nVent's Proactive Approach to Fire Risk Detection With Infrared Imaging | Sponsored by TÜV SÜD GRC | Sept. 12, 2023 A Road Less Challenged? An Outlook on the Management Liability Market | Sponsored by Gallagher | Sept. 26, 2023 RIMS.org/Webinars Upcoming Virtual Workshops: Fundamentals of Insurance | Sept 12–13 Optimizing Risk Management with AI | Sept. 28 Managing Worker Compensation, Employer's Liability and Employment Practices in the US | Nov 7 See the full calendar of RIMS Virtual WorkshopsUpcoming Virtual Workshops: Fundamentals of Insurance | Sept 12–13 Optimizing Risk Management with AI | Sept. 28 Managing Worker Compensation, Employer's Liability and Employment Practices in the US | Nov 7 See the full calendar of RIMS Virtual Workshops RIMS-CRMP Exam Prep at RIMS Canada 2023September 10–11, 2023 9:00 am–4:00 pm EDT Ottawa, ON, Canada All RIMS-CRMP Prep WorkshopsRelated RIMScast Episodes: Public Policy Goals with CIAB President Joel Wood (2023) Keeping Up With RISKPAC (2022) Sponsored RIMScast Episodes: “Subrogation and the Competitive Advantage” | Sponsored by Fleet Response (New!) “Cyberrisk Outlook 2023” | Sponsored by Alliant (New!) “Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD “Insuring the Future of the Environment” | Sponsored by AXA XL “Insights into the Gig Economy and its Contractors” | Sponsored by Zurich “The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster “Technology, Media and Telecom Solutions in 2023” | Sponsored by Allianz “Analytics in Action” | Sponsored by Alliant “Captive Market Outlook and Industry Insights” | Sponsored by AXA XL “Using M&A Insurance: The How and Why” | Sponsored by Prudent Insurance Brokers Ltd. “Zurich's Construction Sustainability Outlook for 2023” “Aon's 2022 Atlantic Hurricane Season Overview” “ESG Through the Risk Lens” | Sponsored by Riskonnect “A Look at the Cyber Insurance Market” | Sponsored by AXA XL “How to Reduce Lithium-Ion Battery Fire Risks” | Sponsored by TÜV SÜD “Managing Global Geopolitical Risk in 2022 and Beyond” | Sponsored by AXA XL RIMS Publications, Content, and Links: RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community! RIMS Virtual Workshops On-Demand Webinars Risk Management Magazine Risk Management Monitor RIMS-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Stories — New interview featuring Roland Teo! Spencer Educational Foundation RIMS DEI Council RIMS Path to the Boardroom RIMS Events, Education, and Services: RIMS Risk Maturity Model® RIMS Events App Apple | Google Play RIMS Buyers Guide Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.   Want to Learn More? Keep up with the podcast on RIMS.org and listen on Apple Podcasts. Have a question or suggestion? Email: Content@rims.org.   Join the Conversation! Follow @RIMSorg on Facebook, Twitter, and LinkedIn.   About our guest, Lynn Haley Pilarski Lynn Haley Pilarski, Senior Manager, General Motors Corporate Risk Management & Insurance. Lynn joined General Motors in 1998. Currently, Lynn is the GM Global Contract Manager responsible for drafting insurance terms and conditions for all commercial contracts. Lynn also manages the placement and administration of management liability programs and associated claims activities. Prior to joining GM, Lynn practiced law in the area of insurance and product liability. Lynn received a Bachelor of Arts degree in Political Science from Michigan State University and a Juris Doctorate from Michigan State University - Detroit College of Law. Lynn also holds an ARM and CPCU from the American Institute for Chartered Property and Casualty Underwriters. Lynn is currently the President of RIMS Detroit and the Chair of the RIMS External Affairs Committee. Lynn is the 2021 recipient of the Richard W. Bland Memorial Award which recognizes a RIMS member's commitment to the insurance industry's legislative or regulatory interests. Lynn is a frequent speaker at Risk Management events.   About our guest, Mark Prysock   Mark Prysock has 15 years of experience serving as in-house counsel for professional associations in Washington, DC, and New York. His specialties are Corporate governance, employment matters, contract drafting, and negotiation.   Tweetables (For Social Media Use):   “The most significant political development in D.C. is the looming possibility of a government shutdown. … If that happens and a Continuing Resolution … is not passed, then … the National Flood Insurance Program will temporarily not be funded.” — Mark Prysock   “When we do go and speak to the Members of Congress and their staffers, generally [the National Flood Insurance Progam] is a well-received topic. People definitely understand the importance of having the NFIP in place.” — Lynn Haley Pilarski   “I think data privacy is an issue. … RIMS is really looking for sort of a place to play in that field or that issue. There are a lot of different industries and association groups that are engaged on data privacy.” — Mark Prysock   “After listening to the panel and spending the day in the educational topics, I was ready. The full day will prepare you so that you understand what the issues are. … You will feel very comfortable when you go..” — Lynn Haley Pilarski  

City Floodplain Administrator Jennifer Knauf discusses the newly adopted FEMA flood maps and what property owners should know about the revised and adopted maps (May 9, 2023).

From the Bear River in the north to the Virgin River in the south, communities throughout Utah are flooding as the state's record-busting snowpack melts. But as public officials have urged Utahns to prepare by purchasing insurance policies, thousands may not have access to it and few communities participate in a federal program to make it more affordable. Over two dozen Utah municipalities with a flood hazard area do not participate in the Federal Emergency Management Agency's voluntary National Flood Insurance Program, cutting their residents off from accessing flood insurance policies through the government. And only 13 communities in the state have implemented flood mitigation standards that would cut their residents' rates to purchase such policies. Read more: https://www.sltrib.com/news/politics/2023/05/18/should-utahns-get-flood-insurance/

In today's podcast we are discussing what is the better flood insurance solution for you?Is it the National Flood Insurance Program or Private Flood InsuranceAre you looking for more than $250,000 in building coverageHave you had flood claimsLooking for replacement cost on contentsLooking for limited rate increaseslooking for best overall pricingThis five questions will lead you to the best solution for your situation

How to prepare for hurricane season  Hurricane season runs from June to November. There's still plenty of time to prepare your family and your home for a storm.  What should I do to get ready for a hurricane?  Pay attention to weather reports talking about hurricane season predictions and storm forecasts.  You can also start preparing a plan for your family. A plan should include how you'll communicate with your family during a storm, where you'll meet if you need to evacuate, and knowing evacuation routes. It should also include building an emergency kit to take with you if you need to leave.  What should I put in an emergency kit?  Your kit should have food and water for your family and your pets, flashlights and batteries, first aid supplies, personal hygiene products, and important documents. Texas Ready has a checklist of items you might need in your kit.  What documents should I put in my emergency kit?  You'll want copies of the declaration pages of your home and auto insurance. This is the page with your company's phone number and the list of your coverages. You'll also want a copy of your health insurance card. Take pictures of these documents and have them on your phone or online.  What programs can help me after a disaster?  The Emergency Assistance Registry is a free program for Texans with limited mobility or disabilities. It lets first responders and emergency management planners know what your needs might be during an emergency so they can help. Call 211 to ask if your community participates in the registry.  The Individual State of Texas Assessment Tool (iSTAT) Damage Surveys help local officials determine how much storm damage there was in your area. They use this monetary amount to ask the state and federal government for disaster assistance.   Do I need flood insurance?   Homeowners insurance doesn't cover flooding. You need a separate policy. Talk to your home insurance agent about getting a flood policy from the National Flood Insurance Program. If your agent doesn't sell flood insurance, call 800-427-4661 for help.   Most flood policies have a 30-day waiting period before kicking in so don't wait for an approaching storm before deciding to buy coverage. 

House passes bill to rescind POTUS' suspension of solar panel import tariffs from four Southeast Asian countries, Canadian PM Trudeau in NYC talking about trade, House hearing on National Flood Insurance Program's $20 billion debt, State Dept on Russian airstrikes on Ukraine, preview of Saturday's White House Correspondents Association dinner. Learn more about your ad choices. Visit megaphone.fm/adchoices

Is climate change creating a real estate bubble we shouldn't ignore? And who's going to get hurt if that bubble bursts? Yale's Climate Connections newsletter just reported on a study that claims there's a massive bubble forming because property values don't include climate risks like flooding and wildfires. The 2023 Nature Climate Change study also suggests six ways to reduce this risk and potentially keep this bubble from bursting. (1)   Hi, I'm Kathy Fettke and this is Real Estate News for Investors. Please remember to subscribe to this podcast and leave us a review.   Although climate change skeptics may feel we are experiencing normal weather patterns, many people are concerned that severe weather events are increasing in number and intensity. We've been seeing increased storm-related flooding in some areas and more drought-related wildfires in others. Some inland areas are also dealing with water scarcity and extreme heat while coastal areas are faced with the threat of rising sea levels.   The “Brittleness Bubble”   The Yale newsletter cited climate futurist Alex Steffen for his definition of the so-called “Brittleness Bubble.” Steffen says: “As awareness of risk grows, the financial value of risky places drops. Where meeting that risk is more expensive than decision-makers think a place is worth, it simply won't be defended. It will be abandoned.” He says: “That will then create more problems. Bonds for big projects, loans and mortgages, business investment, insurance, talented workers – all will grow more scarce. Then, values will crash.”   Overvaluation of Homes   The Nature Climate Change study pegged the overvaluation of U.S. homes in flood zones at around $200 billion, but a study done last year by consulting firm Milliman had a much higher number. In the Milliman study, researchers calculated the overvaluation at more like $500 billion.   These figures apply to flood risk, and don't account for the impact of other weather-related risks like wildfires. California is suffering the impact of highly destructive wildfires that have been increasing in number and intensity. And that's pushing up insurance rates, making it unaffordable for many people to rebuild or buy homes in high-risk areas. The Southwest has also been dealing with a long-time drought although recent winter rains have helped to replenish reservoirs. But water scarcity and extreme heat are a growing problem in many areas.   Reducing the Risk   The report goes on to list six ways to help prevent this bubble from bursting, which I will briefly share with you.   1 - The first is to require sellers to fully disclose flood risks. The study says that, in general, properties that are highly overvalued are in coastal counties which often don't require flood-risk disclosures. Some property listing websites will show you this info however, such as Redfin and Realtor.com. Floodfactor.com also provides property-specific risk ratings.   2 - The second suggestion is to raise awareness about climate change which might lead to policy changes about development in risky areas. This will likely happen as more people suffer the impact and media attention grows.    3 - Third on the list of suggestions is to charge market-based insurance rates instead of subsidized rates provided by the National Flood Insurance Program. The NFIP has issued new risk ratings called Risk Rating 2.0. That has brought insurance costs closer to what they need to be, but it's a slow-going process because there are yearly rate-hike caps.   4 - The fourth suggestion is to reduce federal subsidies for properties in risky areas.  These subsidies come in the form of supplemental disaster relief with no requirements for long-term flood-risk strategies. The study authors say it's a complex issue that will take a lot of effort to tackle because there isn't much political support or funding to get this done.   5 - Fifth on the list of actions to address the so-called climate change housing bubble is a revamping of FEMA and the creation of a National Disaster Safety Board. The report says that FEMA is “underfunded, understaffed, and has minimal authority to do what it needs to do.” A National Disaster Safety Board could help implement policy changes.   6 - Last but not least, the report suggests that we should work toward a retreat policy that would help people move from areas that have suffered multiple climate-related disasters. The strategy would be to provide affordable housing for these people which may sound like a “big ask” at a time when the nation is suffering from a huge lack of affordable housing.   When Will the Bubble Burst?   So when will all this become critical?   The Yale article cites a NOAA prediction, that the average sea level rise by 2050 will be 10 to 14 inches for the East Coast, 14 to 18 inches for the Gulf Coast, and four to eight inches for the West Coast. It says a “rapid rise” will happen after that and claims that we'll see a rise of four to seven feet by 2100 as compared to the year 2000.   The study can't predict when we might see a sudden disruption because so much depends on politics, the economy, and basic human behavior. It says we might see a period of increased risk in the mid-2030s because of a “wobble in the moon's orbit.” It's something that happens every 18.6 years and usually causes unusually high tides along the Southern and Western coastlines.   If you own property in a high risk area, this topic is something that may command more of your attention. And if you're looking to buy a new property, be sure to check on the climate risks and factor that into your decision. As I mentioned, Redfin and Realtor.com both provide environmental risk factors on their property listing pages. You can also find more detailed information at floodfactor.com.   If you want to read more about this study, you'll find a link to the Yale article at newsforinvestors.com. You can also join RealWealth for free if you'd like more information on how to navigate the housing market right now and find rental property that makes sense for your portfolio. And please remember to subscribe to the podcast and leave us a review!   Thank you! And thanks for listening, Kathy   Links:   1 - https://yaleclimateconnections.org/2023/04/bubble-trouble-climate-change-is-creating-a-huge-and-growing-u-s-real-estate-bubble/

In this episode of the podcast, we look at the claims variable with the National Flood Insurance Program. We look at how this can benefit property owners, real estate agents, lenders, and insurance agents.You can find the video and blog in our learning center by clicking hereReady to purchase the right flood insurance coverage click here

30 Million Californians are under Flood watch due to recent weather conditions. Having Flood insurance is piece of mind. Find out what is ONLY covered with Flood Insurance,what is considered a basement, commercial vs residential coverage, and for agents, WHY they should offer it to their clients. The Hartfords Sales Directors for Hartford Flood, Charna Loughran and Phil Rager explain all of that and more with Host James Lott Jr .Phillip Rager, ANFI started in the P&C insurance industry 29 years ago handling claims. The last 22 years I've working with the National Flood Insurance Program as a Senior Technical Training Specialist and a Sales Director handling 5 states for several of the top 5 WYOs. He's currently working for The Hartford as the Flood Transfer & Training Consultant. He obtained his ANFI (Associates in National Flood Insurance) in 2007 and have been a certified flood adjuster since 2004. Charna Loughran, CA License #0C44529I have been in the P&C industry for almost 30 years. She started her insurance carrier at a large MGA. For the last 16 years she has been with The Hartford and for 15 of the last 16 years has been a Sales Director for Hartford Flood for CA, OR and WA.The Big “I” has a flood insurance program offered through Trusted Choice agents and the Trusted Choice website. iiabcal.org trustedchoice.com

With spring rains and hurricane season coming, state officials are urging Virginia to protect their property from flooding. Flooding is the most common and costly natural disaster in the nation, according to state officials, and with spring rains followed by hurricane season, flood preparation is important for Virginia's homeowners, renters, and business owners. The DCR coordinates the state's flood-protection activities and helps communities benefit from the National Flood Insurance Program, which allows residents of nearly 90% of Virginia's communities to purchase federally backed flood insurance. DCR's Flood Awareness website offers tools and information including fact sheets, a cost calculator, and...Article LinkSupport the show

Flooding is America's number one natural disaster affecting 99% of U.S. Counties since 1996. Just one inch of water can cause roughly $25,000 of damage to one's home, and most homeowners don't know their flood risk or what they have currently covered in the event of a flood. Even more concerning, rises in extreme weather have made flooding more and more prominent, and they're not only happening in flood zones. On today's episode, we sit down with David Maurstad from the National Flood Insurance Program to talk about misconceptions and how it's designed to help residents and business owners protect the life they've built with flood insurance.

The latest in WHRO's series about housing affordability produced with the Pulitzer Center on Crisis Reporting. Recent changes to the National Flood Insurance Program are affecting Hampton Roads.

Is the National Flood Insurance Program going out of business? Thats exactly what we are discussing today. We are looking at two major changes in the last two yearsRisk rating 2.0FHA accepting private flood insuranceCould these two changes be the final blow to the National Flood Insurance Program?If you are ready to purchase flood insurance the right way click here

Have you ever wanted to sit down with someone who knows a lot about everything? Then tune in to my chat with Jamie Ridge, a guy who knows so much that we needed him to be our first repeat guest! Take a journey with us as we talk about sewer lateral inspections, the National Flood Insurance Program, Act 133, and Jalapeño Margaritas. That's right, we cover IT ALL! And I'll bet that at the end of the podcast, you'll be craving a jalapeño margarita, just like the one that Jamie's wife makes. So grab yourself a bottle of Casamigos tequila (my personal favorite!) and then email me at killinitinrealestate@bucksrealtor.com for the recipe. And while you're sipping away, take a look at the SRA website to learn about all the topics we touched on today. 

It's midterm election time and we are looking t who should get your vote. Is it the National Flood Insurance Program or private flood Insurance?We look coverages availableWe look at risk rating 2.0Policies being non renewedClaims processReady to take the next steps to get the right flood insurance click hereYou can also visit the flood learning center here

In this Real Estate News Brief for the week ending October 1st, 2022... what's up with the GDP, inflation and jobs, why rent growth is slowing, and a new law for California job seekers.Hi, I'm Kathy Fettke and this is Real Estate News for Investors. If you like our podcast, please subscribe and leave us a review.Economic News We have plenty of economic news to report, but first, a few words about Hurricane Ian which has ripped across Florida and South Carolina. Our hearts go out to the families and communities who have been affected. Ian was one of the strongest hurricanes to hit the U.S. and serves as a reminder for homeowners with a high-risk of flooding to check their insurance coverage. (1) Flood insurance is getting more expensive, but it's better than coming up short after a big hurricane. According to ValuePenguin, the average cost of flood insurance from the National Flood Insurance Program is $985 a year. (2) The government's latest revision on the GDP shows the economy shrank .6% during the first half of the year. That's the same as the previous estimate, but as CNBC reports, there's still a lot of disagreement on whether the nation experienced or is experiencing a recession. It's widely believed that two quarters of negative growth defines a recession, but there are other factors to consider in today's environment that don't support that. The strong job market is one of them. With unemployment around 3.7%, some economists believe the economy is expanding. And many are predicting growth in the third quarter. There's also concern that the economy could falter next year, as the Fed continues raising rates to control inflation. (3) And that's a big problem. The so-called personal consumption index for August shows a .3% rise in prices. Without food and gas, the core rate was .6% higher. That shows that inflation is still running hot and brings the annual rate of inflation for the PCE from 4.7% to 4.9%. That's still lower than a 40-year high of 5.3% in February. (4) The Federal Reserve believes the PCE reading on inflation is more accurate than the CPI.Last week's jobless report shows that initial claims dropped to their lowest level in five months. Benefit applications were down to 193,000. The number of people already collecting unemployment benefits also dropped. The total is about 1.35 million. (5)August was a good month for new home sales. The Commerce Department reports a 28.8% surge to a seasonally-adjusted annual rate of 685,000 homes. As reported by MarketWatch, that's the second-biggest month-to-month jump in new home sales ever. It's also a big reversal from July, when new home sales were down 8.6%, and full-year sales are expected to be down as much as 20%. Some economists attribute the August surge to home buyers rushing to get into a new home before mortgage rates rise any further. (6) Existing home sales went in the other direction. The National Association of Realtors says that pending home sales were down 2% in August. Pending home sales only indicate the likelihood of a sale. NAR is expecting existing home sales for the entire year to fall 15.2%. But NAR's chief economist, Lawrence Yun, expects more home sale activity in 2023. (7)Home price growth is slowing down as mortgage rates get close to the 7% mark. The S&P CoreLogic Case-Shiller 20-city index was down .4% in July. That brings the annual rate of home price growth down from 18.7% to 16.1%. The national home price index was also down by a smaller .2%. The decline is reportedly the fastest decline in home price growth in the history of this index, and the first time that home price growth has gone down since February of 2012. (8)(9)Mortgage Rates Mortgage rates continue to rise. Freddie Mac says the average 30-year fixed-rate mortgage was 41 basis points higher last week, for an average of 6.7%. The 15-year was up 52 points, to 5.96%. Freddie also says there's a wide range of weekly rate quotes, so it's important to shop around if you're looking for a home loan. (10) In other news making headlines...Asking Rents Are Climbing Redfin reports that asking rents were up 11% year-over-year in August to a national median of $2,039 a month. That's a record high, but it also represents a slow-down in rent growth. Rent growth peaked in March with an annual gain of 19%. (11) Redfin economists expect the slow-down to continue as a result of a slower economy, and a boost in rental supply. As Redfin economist Taylor Marr points out: “There are nearly a million rental units under construction that will hit the market in the coming months and years.” But that's still far fewer than the nation needs to meet housing demands.California Job Ads to Include Salary InfoA new California law will make it easier for job applicants to know what they'll get paid. Governor Gavin Newsom just signed a salary transparency bill into law. It requires that job postings include pay ranges, and applies to businesses with 15 or more employees. A few other states have similar laws, but this makes California the largest state to require up-front salary information. The other states include Colorado which requires salary information in job ads, while Nevada, Connecticut, and Washington make salary information available to applicants.The California law could help build momentum for salary disclosures. One big benefit is the potential impact on the gender pay gap. Currently, California women get about 88 cents on the dollar compared to men. The law goes into effect on January first. (12)That's it for today. Check the show notes for links. If you want to keep up with real estate news, please subscribe to this podcast. You can also find out more about how to find and purchase rental properties at our website (newsforinvestor.com). Just hit the “Join for Free” button at the top of the page, for access to our Learning Center and our Investor Portal.And please remember to leave a review!Thank you! And thanks for listening. I'm Kathy Fettke.Links:1 - https://www.cnbc.com/2022/09/29/hurricane-ian-is-a-reminder-for-all-homeowners-to-check-insurance.html2 - https://www.valuepenguin.com/average-cost-flood-insurance3 - https://www.marketwatch.com/story/the-u-s-economy-shrank-in-the-first-half-of-2022-new-gdp-figures-confirm-11664455599?mod=economy-politics4 - https://www.marketwatch.com/story/coming-up-pce-inflation-and-consumer-spending-11664540119?mod=economic-report5 - https://www.marketwatch.com/story/jobless-claims-drop-to-lowest-level-since-april-11664455275?mod=economic-report6 - https://www.marketwatch.com/story/u-s-new-home-sales-surge-28-8-in-august-11664288396?mod=economic-report7 - https://www.marketwatch.com/story/leading-indicator-of-u-s-home-sales-weakens-for-third-straight-month-11664373896?mod=economic-report8 - https://www.marketwatch.com/story/u-s-home-price-growth-sees-a-forceful-deceleration-in-july-as-mortgage-rates-approach-7-11664283912?mod=mw_latestnews9 - https://www.cnbc.com/2022/09/27/july-sp-case-shiller-index-home-prices-cooled-at-the-fastest-rate-in-index-history.html10 - https://www.freddiemac.com/pmms11 - https://investors.redfin.com/news-events/press-releases/detail/797/redfin-reports-asking-rents-climb-11-in-august-the?utm_campaign=Email_Content-Market_Weekly-NL&utm_medium=email&_hsenc=p2ANqtz-8uU4JE0osTQmrJIhZ1eTuqPYvqqLs3zVxsGezp4dndm6REQdzKCgN3_A03IkwVBIWUOXe7xgnxtRGjluaXal135hESb8X_o4Zdkoi6oKisl5B3Lo4&_hsmi=227341139&utm_content=227341139&utm_source=hs_email&hsCtaTracking=5d5088c0-e0ba-4e31-8a1a-5792b988bb7a%7Cf4fd4504-781e-4e9d-b479-488e37deedce12 - https://www.cnbc.com/2022/09/28/california-pay-transparency-law-to-require-salary-ranges-on-job-postings.html

Why hasn't more research looked at threats from the first responder's point of view? Hello Smart Firefighting Community! Welcome to another episode of covering real world innovations via interviews with fire service and technology industry experts that empower YOU to develop your very own Smart Firefighting strategy! This is the second episode of our Interschutz 2022 Mini Series. Interschutz 2022 was an international trade show hosted over six days and included exhibitions plus engaging forums covering the various aspects of firefighting, rescue services, civil protection and safety and security. In this episode: - What are the evolving threats that first responders encounter? - Why is it essential to research the risks before introducing a solution? - How can we evaluate the veracity of the data to avoid cyber threats? SFF got to chat with Dan Cotter, the Executive Director of the Office of Science and Engineering (OSE) in the Science and Technology Directorate (S&T) for the Department of Homeland Security (DHS). His responsibilities include overseeing seven technology centers, research requirements, development, standards, systems engineering, test and evaluation, technology scouting and transition planning, plus supporting DHS research and acquisition programs. His prior experience includes roles as the DHS Chief Technology Officer, Geospatial Management Officer, and as Senior Technical Advisor at the Federal Emergency Management Agency. Dan has a background in applying emerging technologies to address a wide range of scientific, engineering and technical challenges faced by the National Flood Insurance Program and disaster mitigation, and response and recovery. He also has over a decade of leadership experience in the private sector. Dan's career has been dedicated to developing affordable solutions for first responders by working with the international first responder community to define common capability gaps and to collaborate on R&D that would make first responders worldwide safer, more effective, and more efficient at their jobs. At the trade show, Dan and his team demonstrated new testbed technologies, including smart building sensors for detecting fire ignition and environmental threats in large venues. Connect with DHS: LinkedIn Episode Resources: - Executive Gov Article: DHS S&T Demos First Responder Innovations at Interschutz 2022 - National Information Exchange Model (NIEM.gov) Join our SFF Community! Head to www.smartfirefighting.com to discover how SFF accelerates innovation for emergency responders, to find out when our next event is or review our curated resources! Facebook | Instagram | Twitter | LinkedIn

On the July episode of the WaterLog podcast, Howard and Dan discuss legislative proposals to reform the National Flood Insurance Program, the status of the Water Resources Development Act of 2022, and FY23 Energy & Water Appropriations.

Episode 513: A new national estimate of insurance fraud losses shows an amazing $308.6 billion stolen every year, according to data from the Coalition Against Insurance Fraud.  On Today's Unscripted, the Coalition's Executive Director Matthew Smith discusses steps insurance companies can take to lessen their vulnerability to fraud.

P.M. Edition for June 17. Flooding is the country's most common natural disaster, and FEMA's National Flood Insurance Program, the main provider of flood coverage in the U.S., has struggled to keep up with massive insurance payouts. Congress is considering proposals that would amount to the most drastic change to the program in its history. But some of the plans are meeting resistance. WSJ reporter Katy Stech Ferek joins host Annmarie Fertoli to discuss. Learn more about your ad choices. Visit megaphone.fm/adchoices

Ron C. Henderson and Ron Camarota of the Louisiana Department of Insurance's Office of Consumer Advocacy join Discover Lafayette to speak on the ins and outs of home insurance policies, figuring out how to get adequate coverage, and what your rights are as a consumer, especially after a storm. With hurricane system here, this is an important topic. Knowing what your home insurance policy covers is critical to understanding your rights after a storm or catastrophic damage occurs. The Louisiana Department of Insurance is on a mission to educate consumers before they experience the heartbreak of being inadequately insured in the wake of a disaster. In Louisiana, flood damage is a common occurrence as 57 of our 64 parishes experience flooding. However, since 1964 in the U. S., flood damage coverage has been excluded from standard homeowner's insurance policies; it must be purchased separately under a policy underwritten by FEMA. This is the only insurance resort available to homeowners under Congress's National Flood Insurance Program. Many a homeowner policyholder has been devastated to learn they have no insurance coverage after a flood. Flood insurance covers water damage "from the ground up." That is, it kicks in when a storm causes water to enter your home from the ground level. Traditional homeowners/commercial policies will cover damage from "top-down" water damage that occurs. Your deductible can drastically affect the cost of your premium. Ron Henderson gave an example of his father who had maintained a $50 deductible for decades and wondered why his rates were so high. Once he determined he could afford a $10,000 deductible, his premiums were reduced accordingly. The Louisiana Department has an online rate-shopping tool to help you compare insurance rates among companies to get the best rate for your individual needs. Visit https://www.ldi.la.gov/online-services/shop-your-rates/homeowners-comparison-guide. When speaking with insurance agents, be prepared to ask the right questions. Always ask for alternatives to what is quoted. "Can I get a better option? Can I get a static fee deductible or do I have to go with a percentage of the hurricane damage? What is excluded from coverage? What is the Additional Living Expense allowance under the policy in the event I am displaced? Is this covering Actual Cash Value or Replacement Cost of damaged property? Is mold covered?" A storm deductible typically ranges anywhere from 2%-5% of a home's total insured value - so if a home is insured for $200,000 and has a 5% deductible, the first $10,000 in repairs must be paid out of pocket by the policyholder. If you can negotiate a lower deductible for these occurrences, it may well be worth it. Both guests stressed the importance of reading your insurance policy. Familiarize yourself with the sections and what each cover. Insurance policy language is effective for one year at a time and changes are reflected in each one-year renewal period, perhaps causing you to experience changes in contractual terms that you may not desire. Most consumers never take the time to read their policy and are shocked when confronted with a damage claim that is not reimbursable or not reimbursed at the level needed to get back on their feet. It is critical to be proactive in understanding what your policy covers and take steps to add coverage if it is not initially offered. You can always purchase an endorsement or rider to expand existing coverage on things such as antique furniture, jewelry and other valuables. Keep up with the value of your home as it may be prudent to raise your coverage as real estate prices inflate. Ron Henderson says "You get what you pay for." Not meaning that the insurance company doesn't want to reimburse you, but "they will only reimburse you for what your policy covers." "Insurance companies want to pay their claims, what they owe you. They will never pay you more than they owe you.

Episode 511: Just in time for Hurricane Season, Florida Gov. Ron DeSantis signs a new law to reform and stabilize the insurance marketplace.  Plus, New England Asset Management's Robb Barnum discusses the basics of ESG labeled bonds and their effect on the resilience of insurance companies.

In this episode of The Flood Insurance Guru podcast, we discuss what you need to know about escrow billing flood insurance. We discuss how flood insurance claims might be covered if payment has not been received. We look at the National Flood Insurance Program and private flood insurance.You can visit our flood learning center belowLearning Center

Maryland REALTORS® CEO Chuck Kasky interviews Kevin Wagner Community Assistance Program Manager Water and Science Administration at the Maryland Department of the Environment (MDE) and Richard Sobota Sr. Insurance Specialist Regional CRS Coordinator for Federal Emergency Management Agency (FEMA) about the National Flood Insurance Program, the Maryland Coastline, groups preparing for future rising tides, and the new risk rating. Learn a brief history of the National Flood Insurance Program and how the NFIP 2.0 model is set to have a multitude of advantages as it considers variables that were not included in the previous rating. https://www.fema.gov/flood-insurance/risk-rating https://mde.maryland.gov/Pages/index.aspx

Attorney Shaun Hodge And Public Insurance Adjuster Cal Spoon On National Flood Insurance Program (NFIP) And Proper Louisiana Claim Handling Want to learn more, and get the supporting documentation to go with it? Go to: https://publicadjusterbootcamp.com/product/is-it-a-conflict-of-interest-to-send-the-insurance-companies-adjuster-out-to-determine-the-cost-of-the-loss/ #nfip #nationalfloodinsuranceprogram #louisiana #claim #insurance #homeowner #businessowner #propertyowner #neworleans #laplace #contractor# restoration #publicadjusternearme #attorneynearme #galveston #texas #jacksonville #florida #entreprenudist #podcast #protecttheinsured #pathtoindemnity #pathtoindemnity2022 #law #attorney #publicadjuster #publicinsuranceadjuster #indemnity #propertyinsurance #mitigation #remediation Listen to The Entreprenudist Podcast: The Place To Hear Real Entrepreneurs and Business Owners Bare It All Help us monetize the podcast by letting us know who you are! http://survey.libsyn.com/entreprenudist IPhone: https://podcasts.apple.com/us/podcast/entreprenudist-podcast-place-to-hear-real-entrepreneurs/id1527646430 Spotify: https://open.spotify.com/episode/64er8dffexeoyogoMrZvpO?si=NifzMhwqQuWRIEWWgQbb7g YouTube: https://www.youtube.com/watch?v=vUgmZm2M0K4&list=PLYd3b18s351yV0NMEx3plkSIbREynZaAr

David Maurstad, Senior Executive of the NFIP, shares his thoughts on disaster resiliency, mitigation, and a culture of preparedness with NAIC CEO Mike Consedine.