Flood Insurance Premiums Affected by Program Changes as of April 2015
Congress mandated reforms that repeal and modify the Biggert-Waters Flood Insurance Reform Act of 2012. Consequently, Flood insurance rates and other changes will be revised for new or existing policies as of April 1, 2015.
Refunds may be issued to some policy holders, due to recent legislation that restored grandfathered rates and repealed certain rate increases. The law also included an annual surcharge for all policyholders of either $25 per year for renters and howners of primary residences and $250 per year for owners of non-primary residences and non-residential buildings.
Grandfathering is available for property owners who:
- have flood insurance policies in effect when the new flood maps become effective and then maintain continuous coverage
- have built in compliance with the FIRM in effect at the time of construction
Learn more by reading the FEMA Fact Sheet, or contact your account manager at Provider Group.