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What will the Biggert-Waters Reform Act do to flood insurance operations?

Flood Agent_RSMany of the proposed changes are designed to increase the fiscal soundness of the NFIP. For example, beginning this year there will be changes addressing rate subsidies and a new Reserve Fund charge will start being assessed. There are also provisions to adjust premium rates to more accurately reflect flood risk.

Other provisions of the law address coverage modifications and claims handling. Studies will be conducted to address issues of affordability, privatization, and reinsurance, among other topics.   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.

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