Private Flood Insurance

The Flood Insurance rules have gone through numerous changes since 2012.

  • On July 6, 2012 Congress passed the Biggert-Waters Flood Insurance Reform Act (Biggert-Waters).
  • On March 23, 2014 Congress passed the Homeowner Flood Insurance Affordability Act (Affordability Act). The Affordability Act revised certain sections of Biggert-Waters, eliminated or delayed other sections and created new rules. Those regulatory changes were generally effective October 1, 2015; the escrow provisions were delayed until January 1, 2016.
  • One aspect of Biggert-Waters not addressed in the final rule was the mandatory acceptance of private flood insurance.
  • On October 31, 2016, the Comptroller of the Currency, the Federal Reserve Board, the Federal Deposit Insurance Corporation, and the Farm Credit Administration (the Agencies) issued a new proposal to amend their regulations regarding loans in areas having special flood hazards to implement the private flood insurance provisions of Biggert-Waters. The comment period ended on January 6, 2017.
  • During the 2017 and 2018 sessions of Congress, bills amending private flood insurance, including the Private Flood Insurance Market Development Act, were considered but did not pass.
  • During January 2019 the Agencies published a final rule implementing the private flood insurance rules, effective July 1, 2019.


For additional resources on the topic of Flood Insurance visit the following pages: