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FEMA Flood Insurance Rate Map changes

Friday, September 05, 2014   (0 Comments)
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FEMA Flood Insurance Rate Map changes are scheduled to become effective on November 5, 2014. 

Hundreds of property owners will experience increases in their flood insurance premiums as a result of the unintended consequences of the Biggert-Waters Act. This Act, passed by Congress in 2012, resulted in unaffordable premium rates and inaccuracies in FEMA's new flood maps. If not corrected, these issues would have continued to severely impact the construction, remodeling, and sale of homes. The impact of the Act came at a time when the housing industry was beginning to recover.

NAHB worked tirelessly to bring relief to their members impacted by Biggert-Waters by helping to pass H.R. 3370,which provides more direct relief to policyholders by creating a more affordable rate structure, repealing point-of-sale rate increases, restoring the grandfathered rates for those who built their properties according to code, and for some, providing important relief in the form of a refund. This law also requires the remapping process to take into account local flood control structures and facilitates consumers' ability to appeal FEMA's mapping decisions. Further, this law returns the substantial improvement threshold to the historic 50% level, which is critical to the health of the remodeling industry.


You can find the new flood maps here:

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