FEMA Starts Revising Flood Premiums
FEMA announced Tuesday that, effective May 1, people who purchased new homes after Biggert-Waters became law on July 6, 2012, or who didn’t have insurance before that date, or whose insurance lapsed, will revert back to premium schedules in effect Oct. 1, 2013.
FEMA still has to determine how to alter future rates for people who are scheduled to keep their grandfathered status for subsidized rates as result of the new flood insurance law. The grandfathering provision was cancelled by Biggert-Waters for people whose homes were consider higher risk by new FEMA flood maps, but restored by the new legislation.
A photo of flooded homes in the Mantoloking, N.J., region on Nov. 2, 2012. N.J. Governor’s Office/Tim Larsen