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FEMA recently announced a number of changes to the Flood Insurance Program stemming from the Biggert Waters Flood Insurance Reform Act of 2012.  Many of these changes are planned to be implemented October 1, 2013 and will increase rates for many policyholders.  Please click here to review FEMA Bulletin W-13016 and get more detailed information.


Some of the highlights include:

  • Flood premiums across the board will increase an average of 10% for policies written or renewed on or after October 1, 2013.  Many policyholders could see an increase in premium of up to 25%.


  • The federal policy fee for Preferred Risk Policies (PRP's) will increase from $20 to $22; and from $40 to $44 on Standard policies.


  • New Business or lapsed pre-FIRM policies in Special Flood Hazard Areas and Zone D will no longer be extended premium rate subsidy and will be subject to full-risk rating.  These properties will require an Elevation Certificate including photos in order to determine full-risk rating using the current FIRM.


  • Introduction of Reserve Fund:  A reserve fund fee of 5% of the premium will be applied to all policies with the exception of Preferred Risk Policies (PRP's). 


  • Preferred Risk Policies (PRP's) written under the Eligibility Extension will see an average rate increase of 20% and a new rate table will be provided for such risks.  Properties that are currently mapped in qualified zones and meet the loss history requirements will continue to be issued or renewed using the regular PRP tables. 


  • Policies required as a result of a lender determining that a loan on a building in a Special Flood Hazard Area is lacking flood insurance will be subject to the 30 day waiting period.  


  • Owners of pre-FIRM non-primary/secondary residences in Special Flood Hazard Areas (and D zones) will see 25% annual premium increases until full actuarial rates are met. 


Addtional documents regarding Biggert-Waters Flood Insurance Reform Act of 2012 can be found here:

Biggert-Waters Implementation Timeline

FEMA-What To Expect

FEMA-Impact of Changes to the NFIP

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