As of April 1, 2015 big changes are in effect for flood insurance policy holders. These changes are the result of the implementation of the Homeowner Flood Insurance Affordability Act (HFIAA) passed by Congress in 2014 and the continued implementation of its predecessor reform law, Biggert-Waters 2012 legislation (BW-12). Among other things, flood insurance policyholders could be quoted premium increases ranging from 15 to 18 percent on average if their home is their primary residence and up to 25 percent if it is a secondary home or a home that has suffered repetitive losses.
Insurance Journal published a very helpful article summarizing the changes and their impact on policy holders. Read the Insurance Journal article for more information about the flood insurance changes.
