Congress passed the Biggert-Waters Flood Insurance Reform Act in 2012 (BW12) in order to modernize the National Flood Insurance Program (NFIP), with new maps, new community outreach efforts, and flood insurance rates that reflected risk more accurately.
However, changes to BW12 are on the horizon.
First, the Consolidated Appropriations Act of 2014 prohibits FEMA from implementing Section 207 of BW12 until 2016 or later. This means that some properties will not have their insurance rates adjusted after new flood maps come out. Properties that have already had an insurance rate change will keep their new insurance rate. [More information is available from STARR].
And on March 4th, 2014, the House passed the Home Owner Insurance Affordability Act. The Senate also passed an act revising BW12 in January, so it looks like something is likely to pass both arms of Congress soon. Among other changes, the Act would "provide retroactive refunds for people who have had large flood insurance rate increases due to the sale or purchase of a home, cap average annual premium increases at 15 to 18 percent and allow subsidies for insurance rates that are based on current flood maps" (Insurance Journal).
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