Bonita Springs News

ARTICLE

Date ArticleType
1/22/2015 General

Homeowner Flood Insurance Affordability Act

Update on news regarding the Homeowner Flood Insurance Affordability Act and the Coalition for Sustainable Flood Insurance (CSFI) in 2015.

NFIP Update
Prior to December, FEMA announced the launch of the Interim Office of the Flood Insurance Advocate, which was required by the Homeowner Flood Insurance Affordability Act. The Interim Office will begin work on specialized assistance to citizens and policyholders on NFIP issues; as well as regional mapping outreach and education support.  You can read more about these efforts here.

Also, please note that several provisions included in the Homeowner Flood Insurance Affordability Act will go into effect on April 1. Click here for a fact sheet from FEMA outlining these changes.

CSFI 2015 Plans
As we look to the 2017 reauthorization of the National Flood Insurance Program, CSFI will spend 2015 meeting with regional and industry stakeholders individually to develop a white paper on permanent solutions for affordable flood insurance. Once this white paper is in draft form, it will be circulated to the coalition and key legislators, with the goal of hosting an in person meeting in Washington in the second half of the year for discussion and feedback.

Background Information
The National Flood Insurance Program (NFIP) provides a valuable public service by making flood insurance available to homeowners, renters, and business owners in communities across the United States. In exchange, communities participating in the NFIP must adopt and enforce appropriate floodplain management measures to mitigate future flood damage. Many of the communities have already established floodplain management measures. The Biggert-Waters Flood Insurance Reform Act of 2012 requires the NFIP to set premium rates for properties to reflect true flood risk in order to make the program more financially stable.