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National Flood Insurance Program (NFIP) Changes Effective April 1st, 2016

Two recent acts passed by Congress are resulting in changes to the National Flood Insurance program, or NFIP, effective 4/1/2016. Many of these changes are a result of the implementation of the Homeowner Flood Insurance Affordability Act (HFIAA) passed by Congress and signed into law in 2014 and the continued implementation of Biggert-Waters 2012 legislation (BW-12). These changes include:

  • Updated Premium Rate

  • New Premium Increases & Rating Procedures for PRPs and Newly Mapped Procedure

  • Elimination of Subsidies for Pre-FIRM properties with Policies that Lapse and are Reinstated

  • FEMA’s Clear Communications of Flood Risk Determinations to Property Owners

  • Reformation of Coverage

  • Updated Declarations Page Requirements

If you’re interested in reading more about these changes, you can visit FEMA’s website or even watch FEMA’s instructional video below.

View in FEMA Multimedia Library

Posted on: May 2nd, 2016 at 9:08pm by sconroy. Filed under: Commercial Lines
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