Flood Insurance Reform Act of 2012 If you live in a FLOOD ZONE - TopicsExpress

Flood Insurance Reform Act of 2012 If you live in a FLOOD ZONE this is a must read. U.S. Congress passed the Biggert-Waters Flood Insurance Reform Act of 2012 (BW-12) which calls on the Federal Emergency Management Agency (FEMA), and other agencies, to make a number of changes to the way the National Flood Insurance Program (NFIP) is run. Some of these changes already have occurred, and others will be implemented in the coming months. Key provisions of the legislation will require the NFIP to raise rates to reflect true flood risk, make the program more financially stable, and change how Flood Insurance Rate Map (FIRM) updates impact policyholders. The changes will mean premium rate increases for some—but not all—policyholders over time. Homeowners and business owners are encouraged to learn their flood risk and talk to their insurance agent to determine if their policy will be affected by BW-12. Some of the changes are as follows: 1. New or lapsed policies will be charged actual rates with no grandfathering as of 10/1/2013. 2. Non-primary residences will expect 25% annual increases until the premium is equal to the actual risk rate. 3. Repetitive loss properties will expect 25% annual increases until the premium is equal to the actual risk rate. 4. Any properties that have had claims that exceed the fair market value of the property will have 25% annual increases until the premium is equal to the actual risk rate. As you know I live on the water and sell beach properties. If your paying $1,600 a year for flood the rate could be as high as $6,000 for a new owner when you try to sell and then they will also need wind and homeowners insurance. This could effect all waterfront properties and their values in our area. Check out the video below to learn more. You Tube Video - can fast forward to about 10:40 minutes into it. youtube/watch?v=tpeqSQr3ngY&list=UUHMck7Qh7gAf7o4qnPu84IA&index=2 Please read and send your concerns to your representatives - [email protected] [email protected] [email protected]

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