Archive

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 […]

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 […]

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 […]

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 […]