Description
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). Interagency final rules were generally effective as of October 1, 2015, but escrow requirements for flood insurance premiums and revisions to the Flood Hazard Notice were effective January 1, 2016.
The Flood Insurance Detached Structure Exemption Flowchart provide an easy and thorough method of determining if a detached structure is eligible to be exempt from the flood insurance requirements.
