NFIP Update
Beginning April 2015, the National Flood Insurance Program (NFIP) will begin implementing Congressionally-mandated reforms required by the Homeowner Flood Insurance Affordability Act of 2014 (HFIAA). These reforms include, but are not limited to:
- New surcharges
- Primary residence verification
- New deductible for residential policies
- Premium increases
- Federal Policy Fee increases
- Reserve fund increases
- Elevation rated rollovers (now referred to as “transfers”) require photos
- NFIP duplicate policy clarification
- When a map change occurs
For more detail about these reforms and how they will impact flood insurance premiums, please review:
Overview: April 2015 NFIP Changes
You can also visit the NFIP website at www.floodsmart.gov.
