This act caused increasing flood insurance costs. Why? Because certain properties have a certain level of flood risk, and the risk needed to be re-evaluated. Also discounts for insurance has been eliminated or phased out. Properties located in a special flood hazard area are most effected by the act because these properties have not been elevated. In short, it identifies the true flood risk of a property and building. What does this mean? Its possible that a property that you own that was not considered a flood zone, may now be considered part of that flood zone.

Fema Video:Feam Biggert Waters Act 2012 Video

Per Fema.gov:

The Biggert- Waters Flood Insurance Reform Act of 2012 is a law passed by
Congress and signed by the President in 2012 that extends the National Flood Insurance
Program (NFIP) for five years, while requiring significant program reform. The l
aw requires
changes to all major components of the program, including flood insurance, flood hazard
mapping, grants, and the management of floodplains. Many of the changes are designed to
make the NFIP more financially stable, and ensure that flood insuran
ce rates more accurately
reflect the real risk of flooding. The changes will be phased in over time, beginning this year.

Full info on this topic: http://www.fema.gov/media-library-data/20130726-1912-25045-9380/bw12_qa_04_2013.pdf

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