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FEMA Releases Information on Implementation of Flood Insurance Legislation

Last week, the Federal Emergency Management Agency (FEMA) released an overview of the Homeowner Flood Insurance Affordability Act (HFIAA) and announced that the first flood insurance rate relief would take effect on May 1. WYO Bulletin 14014 includes a summary of the first phase of the implementation for the HFIAA. A five page overview of HFIAA is also available on FEMA’s website. HFIAA was passed in March and the legislation repeals and modifies provisions of the Biggert-Waters Flood Insurance Act, which was enacted in 2012.

WYO Bulletin 14014 provides guidance to insurance companies on how to adjust rates for Pre-Flood Insurance Rate Map properties (Pre-FIRM.) These properties are described in Section three of the Act and are properties that were built before detailed flood maps were developed with a community.

 
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