The Biggert-Waters Flood Insurance Reform Act calls on FEMA to make a number of changes to the way the National Flood Insurance Program (NFIP) is managed. This act became operational on October 1, 2013.
Key provisions of the legislation will require the NFIP to:
The changes will mean premium rate increases for some – but not all – policyholders over time.
Is there a waiting period before flood insurance goes into effect?