Biggert-Waters Flood Insurance Act
On July 6, 2012 President Obama signed the Biggert-Waters Flood Insurance Reform Act. While the act extended federal flood insurance for 5 years until September 30, 2017, some of the details are now being implemented. There are some subsidy and rate changes which may have an effect on your business and home. We recommend you go to the links below and read the bill summary and call your insurance carrier to get details on your individual situation.
UPDATE, October 2013:
Our board of directors recently voted to join the the Coalition for Sustainable Flood Insurance (CSFI), which works to ensure that flood insurance offered through the National Flood Insurance Program is affordable for primary residential and commercial properties while assuring that the NFIP is run in an efficient, fiscally sound manner. The group was formed this past July by elected and business leaders in response to drastic flood insurance premium hikes as a result of a confluence of the Biggert-Waters Act of 2012, inaccurate and incomplete FEMA flood maps, and questionable actuarial calculations. CSFI is working to propose solutions to Congress to keep flood insurance affordable, ensure rates reflect accurate risk, suggest reforms to NFIP’s management, and lobby FEMA to draw accurate maps that account for all flood mitigation features.