Big Changes to NFIP

Posted on: October 9th, 2013 by Leslie_Zucker

Big changes are afoot for the Nation­al Flood Insur­ance Pro­gram (NFIP). Start­ing on Octo­ber 1 of this year, all new flood insur­ance poli­cies and all poli­cies that have lapsed and then rein­stat­ed will move to actu­ar­i­al rates that ful­ly reflect the risk of liv­ing in the flood zone. In addi­tion, own­ers of these prop­er­ties will be required to obtain an Ele­va­tion Cer­tifi­cate. Poli­cies for pri­ma­ry res­i­dences that were estab­lished pri­or to July 6, 2012 (date the Big­gert-Waters Flood Insur­ance Reform Act of 2012 was enact­ed) may con­tin­ue to be renewed using the sub­si­dized rate until the prop­er­ty is either sold to a new own­er, or the pol­i­cy lapses.

For specifics about how the Big­gert-Waters Act might affect your prop­er­ty, please con­tact your insur­ance agent. For gen­er­al ques­tions relat­ed to the Big­gert-Waters Act and flood insur­ance, vis­it the FEMA web­site at