Flood Insurance Reauthorization Signed Into Law
The National Flood Insurance Program (NFIP) has been reauthorized for five years, through September 30, 2017. The “Biggert-Waters Flood Insurance Reform and Modernization Act of 2012," part of the “Moving Ahead for Progress in the 21st Century Act” (HR 4348), was signed into law by President Obama on July 6, 2012. The American Public Works Association reports:
“In addition to the long term reauthorization, the NFIP was amended to include the following:
- Amends the premium rate structure and establishes a Reserve Fund which will create a long-term solvency for the NFIP. To date, the NFIP has $18 billion in debt.
- A Technical Mapping Advisory Council will be established to improve the quality and distribution of Flood Insurance Rate Maps. Moreover, the Technical -Mapping Advisory Council will also improve the performance metrics used to map flood risk.
- Owners in areas protected by levees and dams will not be required to purchase flood insurance.
- Improve the communication and outreach to States, local communities and property owners about any potential flood map changes that may result in flood insurance purchase requirements, educating property owners on flood risk, and how to read and access flood maps.”
Click here to read the full bill.