Last week, the Federal Emergency Management Agency (FEMA) accounced several provisions of the Homeowner Flood Insurance Affordability Act (HFIAA). The National Flood Insurance Program (NFIP) is in the process of implementing Congressionally mandated reforms required by the HFIAA that repeal and modify the Biggert-Waters Flood Insurance Reform Act of 2012. The new law slows some flood insurance rate increases and offers relief to some policyholders who experienced steep flood insurance premium increases in 2013 and early 2014. Flood insurance rates and other charges will be revised for new or existing policies beginning on April 1, 2015.
Read the full fact sheet from FEMA outlining changes.