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Heads up from FEMA on April 1, 2017 NFIP changes

by | Oct 11, 2016 | News & Views

Heads up from FEMA on
April 1, 2017 NFIP changes

Roy Wright, Deputy Associate
Administrator for Federal Insurance Federal Insurance and Mitigation
Administration, sent Bulletin W-16071
late September that provides notice of the changes NFIP will implement
effective April 1, 2017. Several changes result from continued implementation
of the Homeowner Flood Insurance Affordability Act of 2014 and Biggert-Waters
Flood Insurance Reform Act, which will require modifications to the NFIP Flood
Insurance Manual, Transaction Record Reporting and Processing plan, and the
Edit Specifications document. Highlights of program changes include:

·
Updated premium rates conforming to the
premium rate caps established by BW-12 and HFIAA;

·
Updated premium multiplier tables for
policies rated under the Newly Mapped procedure; and

·
Clarifications for policy rating and
loss adjustment for Pre-Flood Insurance Rate Map substantially improved
properties.

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