Last week, the Senate passed a bill that would delay the implementation of Biggert-Waters. It is vitally important for insurance agents to understand that the Senate bill has made no official changes to the industry yet. That means all NFIP flood insurance policy rules, rating and underwriting guidelines currently governed by Biggert-Waters are still in effect.
Big “I” Flood-endorsed WYO carrier Selective Insurance recently sent out this messageto all of appointed agents, describing the situation as follows:
“On Thursday, Jan. 30, the Senate passed bill S. 1926, which calls for the delay of implementing the Biggert-Waters rate increases that target certain properties receiving subsidized rates. Though the bill was approved by the Senate, it must still be approved by the House of Representatives. If the House makes any changes to the bill, it would have to go back to the Senate for another vote. Once both houses of Congress approve the bill, then the President would have to sign it for it to become law. At this time, there are no immediate changes to the Biggert-Waters rates being implemented. The bill passed by Senate still has many layers of review and approval to occur prior to it becoming law and subsequently implemented by the FEMA/NFIP.”