The NFIP is in the process of implementing Congressionally mandated reforms required by the Homeowner Flood Insurance Affordability Act of 2013 (HFIAA).
The law repeals and modifies certain elements of Biggert-Waters and maintains the requirement that flood insurance rates for business properties in high-risk areas reflect true risk.
“In stark contrast to the uncertainty and confusion during the initial implementation of Biggert-Waters, we are happy to report to the committee that, to date, the roll-out of HFIAA has gone rather smoothly,” said Charles Symington, Big “I” senior vice president for external and government affairs.
For details on how HFIAA legislation will alter flood insurance rates under the NFIP and implement refunds to certain policyholders impacted by Biggert-Waters, check out our Q&A handout or any of FEMA's recently released fact sheets:
As new rules and regulations continue to impact the flood insurance industry, accurate information is important. Big “I” Flood members enjoy access to a team of flood insurance experts that are ready to help answer the difficult questions. Selective, the Big “I”-endorsed WYO flood insurance carrier, provides access to a dedicated underwriter and a territory manager for each agent.
Visit the Big “I” Flood website, contact your local territory manager or email Big “I” Flood for additional information.