Currently, the NFIP Grandfather procedure provides eligible property owners the option of using risk data from previous Flood Insurance Rate Maps (FIRMs) if a policyholder maintained continuous coverage through a period of a FIRM revision or if a building was constructed “in compliance” with the requirements for the zone and BFE reflected on a previous FIRM. A provision of BW-12, however, requires FEMA to use revised flood risk data (zone and BFE) after a map revision. The legislation provides a 5-year mechanism to phase-in the new rates. This provision impacts the NFIP Grandfather procedure and will be implemented in the latter half of 2014. Many of the precise details of this implementation are still under development.
Click if you want to read more about the Biggert-Waters Reform Act of 2012. If your home or business has been flooded Build Back Safer and Stronger. Click here if you are rebuilding in an AE Zone. Click here if you are rebuilding in a VE Zone. Click here if you need more information about the different Flood Hazard Zones.