Last month the Federal Emergency Management Agency (FEMA) published the revised NFIP Flood Insurance Manual, updated with program changes that will become effective October 1, 2014. The changes primarily impact those issuing FEMA policies, but contain information helpful to those obtaining FEMA policies. Among other items the manual shows where information was previously added in accordance with the Biggert-Waters Flood Insurance Reform Act of 2012, but removed to comply with provisions of the Homeowner Flood […]
Category: Homeowner Flood Insurancce Affordability Act
ABA RCC – Flood Insurance
The American Bankers Association is underway in New Orleans this week. With more than 1,700 attendees and 82 sessions offered there is a wealth of knowledge to be shared. One notable session from Sunday was, “Flood Insurance: Where Are We Now and Where Are We Going?” The “Flood Insurance: Where Are We Now and Where Are We Going?” session gave a good overview of the recent and pending changes to the flood insurance requirements resulting […]
AFFORDABILITY ACT – CONTROVERSY ON DETACHED STRUCTURES
On March 23 Congress passed the Homeowner Flood Insurance Affordability Act. The Affordability Act revises certain sections of Biggert-Waters, eliminates or delays other sections and creates new rules. Section 13 of the Affordability Act is causing some controversy. It adds: The following exclusion to Subsection (c) of section 102 of the Flood Disaster Protection Act of 1973: (3) DETACHED STRUCTURES.—Notwithstanding any other provision of this section, flood insurance shall not be required, in the case […]
FLOOD INSURANCE – CHANGES TO MAXIMUM COVERAGE LIMITS
Section 100204 of the Biggert-Waters Flood Insurance Reform Act of 2012 revised the maximum limits of building coverage available for non-condominium residential buildings designed for use for five or more families (Other Residential) to match the limits of commercial and other non-residential properties insured under the Standard Flood Insurance Policy (SFIP) General Property Form. This is an increase of available building coverage from $250,000 per building to $500,000. New Business and Renewals The new coverage limits […]
HOMEOWNER FLOOD INSURANCE AFFORDABILITY ACT
On March 13 the Senate joined the House of Representatives by passing a bill to reverse flood insurance reforms and curb flood insurance premium increases. The “Homeowner Flood Insurance Affordability Act of 2013,” (HFIAA) is on its way to the White House for signature. The White House has expressed concern about rolling back the Biggert-Waters reforms. Opponents of the bill argued that the Biggert-Waters reforms and the law’s scaling back of premium subsidies, changes intended […]