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).
“RiskMAP and CRS Synergy” is a recorded, one-hour webinar that introduces FEMA’s Community Rating System and Risk MAP initiative and shows how communities can use both to improve their floodplain management programs. Class materials, including the handouts, the presentation slides, and a summary of the Q & A are available for download at http://www.starr-team.com/starr/Training_Materials/Risk_MAP-CRS_Synergy. The recorded webinar can be accessed at http://j.mp/starr-recorded-training (click on “Recorded Sessions” at the left).
Nominations Open for CRS Award for Excellence
Nominations are being sought for the 2014 CRS Award for Excellence, which acknowledges outstanding effort by an individual at the local level to improve people’s understanding of the dangers of flooding and the ways flood damage can be avoided, promote the purchase of flood insurance, and contribute to community well-being.
Nominees for the award could be a local government official, insurance agent, business professional, real estate professional, floodplain manager, or other local leader. They should
--Be actively involved in a CRS community and knowledgeable about the risk of local flooding;
--Be active in promoting the use of flood insurance to help households prepare for the possibility of flood damage;
--Be active in encouraging community leaders to improve local safety and resilience to flooding and other disasters; and
--Have noteworthy achievements in the area of alerting residents and businesses to potential flood dangers and promoting the purchase of flood insurance.
Nomination forms for the CRS Award for Excellence can be downloaded from the web at http://www.fema.gov/media-library/assets/documents/17014. The deadline for nominations and applications is February 28, 2014.
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