Problematic provision has been rescinded by FEMA
The U.S. Federal Emergency Management Agency has rescinded a provision of the 2012 Biggert Waters Act as ordered by the Homeowner Flood Insurance Affordability Act. The provision had made it impossible for new homeowners to take on any existing flood insurance of properties. Now that the provision has been repealed, policy rate tables have been reverted to what they had been before the 2012 Biggert Waters Act. Rate tables are expected to remain in this state as Congress works to address emerging issues concerning floods and the threats they present to coastal communities.
Flood protection continues to be a cause for concern among US homeowners
Flood protection has long been a controversial issue in the U.S., but it has only recently become a major problem for people in many parts of the country. The National Flood Insurance Program is the country’s primary source of flood protection for property owners. The problem with the program, however, is that it has been burdened by debt for several years. Since 2005, the flood protection program has been struggling to overcome this debt and has lapsed several times, leaving many people without flood protection for months on end.
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FEMA continues to work to revise flood insurance program
In order to resolve the financial of the federal program, FEMA has been working on raising the cost of the coverage that the program provides. Federal law also sought to resolve these financial issues by making it impossible to take advantage of “grandfathered” policies. This meant that new homeowners would be forced to purchase new, more expensive insurance policies in order to protect their properties from flood damage.
Federal lawmakers are taking aggressive action on flood protection
The National Flood Insurance Program has seen numerous changes over the past few months and implementing these changes has proven to be a difficult and slow-moving process. Lawmakers have come to realize that what they had previously considered “fixes” to the federal program had the potential to do more harm than good. As such, lawmakers have been taking steps to reform the program so that it is sustainable and effective.