Flood Insurance Premiums Affected in April 2015
Did you know that there will be upcoming program changes that will affect flood insurance premiums affected in April 2015? The National Flood Insurance Program is currently working on Congressional mandated reforms to be in effect for the upcoming New Year. These reforms are required by the Homeowner Flood Insurance Affordability Act and will cause repeals as well as modifications made to the Biggert-Waters Flood Insurance Reform Act of 2012. A few anticipated changes due to these reforms are: policyholders will receive relief concerning steep flood insurance premiums, flood insurance rate increases will be slowed, and an increase in the Reserve Fund Assessment. To see the upcoming changes in greater detail, click here to access the fact sheet provided by the Federal Insurance and Mitigation Administration (FEMA).