Flood Insurance Changes

As of April 1, there are changes to the 2014 Homeowner Flood Insurance Affordability Act. National Flood Insurance Program (NFIP) premium rates are set to rise an average of 9 percent. This increase is less than the 2015 average and is consistent with the annual 5-10 percent increases prior to the 2012 Biggert-Waters Act, whichContinue reading “Flood Insurance Changes”

Flood Advocate Reports to Congress

On March 17, 2016, the Office of the Flood Insurance Advocate issued its first annual report identifying the first set of issues to be addressed in the National Flood Insurance Program (NFIP). Among the challenges are lack of data, barriers to claims, application of surcharges, multi-year refunds, and flood proofing paperwork. Championed by NAR asContinue reading “Flood Advocate Reports to Congress”

Congress to Reform Flood Insurance in 2016

In January, the House of Representatives held the first in a series of roundtables and hearings on the National Flood Insurance Program (NFIP). The program must be reauthorized before September 30, 2017 in order to keep selling flood insurance. Prior to the most recent reauthorization, Congress passed 18 month-to-month extensions and twice, the NFIP shut down,Continue reading “Congress to Reform Flood Insurance in 2016”