Archive

FLOOD INSURANCE ISSUES

We have received several recent questions regarding flood insurance. Declaration Page – Are we still required to compare the risk rating on our flood determination to the risk rating on the flood insurance policy? FEMA has revised the declaration page for flood insurance policies. Among the changes, the risk rating has been removed. It is no longer possible to compare the risk rating from the Standard Flood Hazard Determination Form to the declaration page of […]

FEMA FINALLY RELEASES THE REVISED SFHDF

On September 30, 2021, the Federal Emergency Management Agency (FEMA) released the revised Standard Flood Hazard Determination Form (SFHDF). The previous version of the form expired on October 31, 2018. The revised form is difficult to open. It requires the most current version of Adobe or similar software.

FLOOD INSURANCE FUNDING CONTINUED

On September 30, 2021, Congress passed a last-minute, short-term funding measure, averting a government shutdown that would have curtained most Federal operations, including the National Flood Insurance Program. The house approved the measure that continues funding until December 3, 2021 in the morning, the senate took action in the afternoon, and President Biden signed the bill that evening.

FEMA EXTENDS GRACE PERIOD FOR FLOOD INSURANCE RENEWALS

On March 29, 2020 the Federal Emergency Management Agency (FEMA) announced that due to COVID-19 pandemic it is extending the grace period to renew flood insurance policies from 30 to 120 days. This extension applies to NFIP flood insurance policies with an expiration date between February 13, 2020 to June 15, 2020. To avoid a lapse in coverage, there is typically a 30-day grace period to renew policies. However, due to the widespread economic disruption […]

FLOOD ISSUES RESOLVED – FOR NOW

Fortunately the Federal Emergency Management Agency (FEMA), with some arm-twisting from the mortgage lending industry and Congress, has backed off on its position of not allowing the operations of the National Flood Insurance Program (NFIP) to resume during the government shut down. The change is retroactive to December 21, 2018, the date Congress provided last minute funding for the NFIP. With the NFIP funding crisis resolved until May 31, 2019, hopefully Congress can shift their […]