Learn About Flood Insurance Changes

Posted on: July 31st, 2013 by Leslie_Zucker

In July 2012, the 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 NFIP is run. 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. For more infor­ma­tion vis­it FEMA’s web­site on NFIP changes.