As of tomorrow, April 1, 2016, many changes will affect the National Flood Insurance Program (NFIP), impacting businesses, homeowners, and insurance agents & brokers.
Congress recently passed both Biggert-Waters and the Homeowners Flood Insurance Affordability Act of 2014 (HFIAA) in an effort to strengthen the NFIP. The new HFIAA-imposed changes will take effect on April 1 for any individual with a flood insurance policy. Some changes individuals should anticipate: premium increases, new rates, map updates, supported mitigation and enhanced program advocacy. Click here for FEMA’s full summary of program changes.