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Homeowners Flood Insurance Affordability Act of 2014

FEMA Highlights of Homeowners Flood Insurance Affordability Act of 2014

FEMA released Bulletin 14011 Overview of the Homeowners Flood Insurance Affordability Act of 2014 available in its entirety at this link.  For the most up to date information available on the new flood reforms, please refer to this FEMA Bulletin.

Excerpts from FEMA’s cover statement include:

 “FEMA has actively begun analyzing and prioritizing implementation of the new law. We are working with the private Write Your Own insurance companies to seek their input and expertise prior to issuing business practice bulletins.”

“It is not possible for changes to happen immediately. While the new law does require some changes to be made retroactively, applying to certain policies written after July 6, 2012, other changes require establishment of new programs, processes, and procedures.”

“FEMA’s initial priority is assessing potential changes to the NFIP’s business processes to stop policy increases for certain subsidized policyholders as outlined in the Act.”

“While FEMA actively works to implement the new law, we encourage policyholders to maintain and keep current flood insurance policies. FEMA does NOT recommend cancelling a flood insurance policy. Cancelling flood insurance policies now will leave policyholders unprotected during spring flooding and may cause policyholders to lose important discounts on their rate if they reinstate in the future.”

“FEMA also plans to issue guidance in the months ahead for the Write Your Own insurance companies to begin issuing refunds as outlined in the law for some policyholders who were previously impacted by subsidy phase-outs.”

“More information on the new law and its impacts on the NFIP will be forthcoming.”

To read the full article and access other valuable flood information, please visit:



Andrea Romo

Sales Associate | Woodland