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Tuesday, April 15, 2014

FEMA Publishes Changes from New Flood Insurance Law

FEMA published today a bulletin notifying all Write Your Own (WYO) companies they should stop charging full risk-rates for all types of Pre-Flood Insurance Rate Map (FIRM) properties. The bulletin highlights three types of properties that will be subject to the new, lower rates:
  • Pre-FIRM properties that were not insured when Biggert Waters was enacted
  • Pre-FIRM properties that were sold after Biggert Waters was enacted
  • Policies for Pre-FIRM properties that were rated full-risk under Biggert Waters due to a lapse in coverage
Read the bulletin.