Chapter Alert: Flood Insurance Reforem Act: Program Changes
Post date: Oct 2, 2014 8:26:02 PM
Program Changes Effective 4/1/15
Under the NFIP Reform Acts of 2012 & 2014
The purpose of this notice is to inform you of upcoming changes effective April 1, 2015 under the NFIP Reform Acts of 2012 and 2014. These changes will require modification to the NFIP Flood Insurance Manual, Transaction Record Reporting & Processing (TRRP) Plan, and the Edit Specifications document.
Program Changes Effective April 1, 2015:
- Updated premium rates conforming to HFIAA premium rate caps;
- Premium increases for non-primary residences and Severe Repetitive Loss properties;
- New rate tables for Substantially Damaged / Improved structures;
- Increased Reserve Fund Assessments;
- New procedures for properties newly mapped into a Special Flood Hazard Area (replacing the Preferred Risk Policy (PRP) Eligibility Extension procedure);
- New HFIAA-mandated premium surcharge of $25 for policies covering primary residences and $250 for all other policies;
- Revised deductibles amounts and new $10,000 deductible option for residential properties;
- New minimum deductibles for PRPs and Mortgage Portfolio Protection Program policies; and
- Requirement to identify legal address descriptions in the TRRP Plan.
Click here to read more.