Federal Emergency Management Agency

Homeowner Flood Insurance Affordability Act (10)

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On March 21, 2014, President Obama signed the Homeowner Flood Insurance Affordability Act of 2014 into law. This law repeals and modifies certain provisions of the Biggert-Waters Flood Insurance Reform Act, which was enacted in 2012, and makes additional program changes to other aspects of the program not covered by that Act. Many provisions of the Biggert-Waters Flood Insurance Reform Act remain and are still being implemented. While FEMA actively works to implement the new law, we encourage policyholders to maintain and keep current flood insurance policies. FEMA does NOT recommend cancelling a flood insurance policy. Cancelling flood insurance policies now will leave policyholders unprotected during spring flooding and may cause policyholders to lose important discounts on their rate if they reinstate in the future.
Collection Created:
June 25, 2014
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  • Homeowner Flood Insurance Affordability Act

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    A fact sheet about the Homeowner Flood Insurance Affordability Act of 2014. This law repeals and modifies certain provisions of the Biggert-Waters Flood Insurance Reform Act and makes additional program changes to other aspects of the National Flood Insurance Program.

  • Homeowner Flood Insurance Affordability Act of 2014

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    The National Flood Insurance Program (NFIP) is in the process of implementing Congressionally mandated reforms required by the Homeowner Flood Insurance Affordability Act of 2014 that repeal and modify the Biggert-Waters Flood Insurance Reform Act of 2012 (BW-12). This fact sheet provides an overview of the changes to flood insurance rates under the NFIP. While the new law is implemented, policyholders are encouraged to maintain and keep their current flood insurance policies. Allowing policies to lapse will leave policyholders unprotected. Policyholders who have questions about their flood insurance policies should contact their insurance agent.
  • Building Higher in Flood Zones: Freeboard – Reduce Your Risk, Reduce Your Premium

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    Freeboard is a term used by FEMA’s National Flood Insurance Program (NFIP) to describe a factor of safety usually expressed in feet above the 1-percent-annual-chance flood level. The NFIP requires the lowest floor of structures built in Special Flood Hazard Areas (SFHAs) to be at or above the BFE, so a structure built with freeboard would have its lowest floor 1 foot or more above the BFE. Adding freeboard will reduce NFIP insurance premiums.
  • Changes to the National Flood Insurance Program – What to Expect

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    This presentation is intended to provide information regarding the impacts of new legislation called the Homeowner Flood Insurance Affordability Act of 2014, and changes to the National Flood Insurance Program (NFIP), which include the previously passed reform legislation called the Biggert-Waters Flood Insurance Reform Act of 2012.
  • Flood Insurance Premium Refunds

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    This fact sheet provides an overview of what some eligible policyholders can expect in refunds later this year. While the Homeowner Flood Insurance Affordability Act of 2014 is implemented, which repeals and modifies the Biggert-Waters Flood Insurance Reform Act of 2012, it is important for policyholders to maintain and keep their current flood insurance policies. Allowing policies to lapse will leave policyholders financially unprotected. Policyholders who have questions about their flood insurance policies should contact their insurance agents.

  • Flood Insurance for Businesses: Impacts of Recent Legislation

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    This fact sheet provides an overview of the changes business owners should expect, as the National Flood Insurance Program (NFIP) implements reforms as required by the Homeowner Flood Insurance Affordability Act of 2014 and the Biggert-Waters Flood Insurance Reform Act of 2012 (Biggert-Waters).

  • How April 2015 Program Changes Will Affect Flood Insurance Premiums

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    The National Flood Insurance Program (NFIP) is in the process of implementing Congressionally mandated reforms required by the Homeowner Flood Insurance Affordability Act of 2014 (HFIAA) that repeal and modify the Biggert- Waters Flood Insurance Reform Act of 2012 (Biggert-Waters). Flood insurance rates and other charges will be revised for new or existing policies beginning on April 1, 2015 and a summary of those changes are included in this fact sheet.

  • Map Changes and Flood Insurance: What Property Owners Need to Know

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    Flood maps change and property owners need to know how a map change may affect their risk and how it affects the requirement to have flood insurance and the policy premium.  This document provides the information necessary to educate a property owner about flood maps, when their flood risk changes, and options to reduce their flood insurance premium.

  • The Newly Mapped Procedure Fact Sheet

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    Property owners of buildings newly mapped into a high-risk area were able to ease the transition of the new flood insurance requirement by purchasing a lower-cost policy under the Preferred Risk Policy Eligibility Extension.  But effective April 1, 2015, FEMA has implemented the Newly Mapped Procedure to meet the requirements of the Homeowner Flood Insurance Affordability Act of 2014 and the PRP EE will be transitioning to this new procedure.  This fact sheet is intended to offer insurance agents important information about the Newly Mapped Procedure, how property owners can take advantage of this rating option after a map change, and how policies previously issued under the PRP EE will transition.

  • The HFIAA Surcharge Fact Sheet

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    The National Flood Insurance Program (NFIP) policy now includes a new congressionally mandated annual surcharge required by the Homeowner Flood Insurance Affordability Act of 2014 (HFIAA). This fact sheet is intended to educate policyholders on the amount of surcharge that is being applied to their policy and why, how to ensure they are being applied the appropriate surcharge, and who to contact for more information.

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