01.Core Concepts

The Biggert-Waters Act of 2012 extended the NFIP program through September of 2017 Some key provisions of the Act include: Rate subsidies on certain properties are phased out over four years Annual premium rate increases of up to 20 percent are allowed Some premium-related provisions of the Act were rescinded in 2014 for passage of the Homeowner Flood Insurance Affordability Act Premium increases capped at 18 percent