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Don’t Let Your Dreams Wash Away – Important Information on the Biggert-Waters Flood Insu


Flood - house in water

 In July 2012, the United States Congress passed the Biggert-Waters Flood Insurance Reform Act of 2012.  It calls for FEMA, along with several other agencies, to make several changes to the way the National Flood Insurance Program operates. Some of these changes have already taken place, while many others will be starting in the next coming months. This legislation will require the National Flood Insurance Program to raise premiums to show more accurate flood risk, make the program more financially stable, and change how Flood Insurance Rate Map (FIRM) updates impact policyholders. There will be premium changes for some policyholders, but not all. It is encouraged that all businesses and homeowners talk to their insurance agent as soon as possible, in order to determine if their policy will is affected. 

Many new home buyers learned about these changes the hard way, after purchasing their new home.  The failure of the realtor not telling prospective buyers of these changes are a hot topic right now, with possible lawsuits coming down the pike. 

Attached is a interesting article from the Tampa Bay Times, dated October 16, 2013. 

http://www.tampabay.com/news/business/banking/next-front-to-fight-flood-insurance-rate-hikes-lawsuits/2146168

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