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Thursday, 11 April 2019 06:42

FLOOD INSURANCE REFORM Featured

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The National Flood Insurance Program (NFIP) will expire again on May 1st unless Congress approves another extension.

The Federal Emergency Management Agency (FEMA) has also announced updates to the program that would become effective next year.

The revised program becomes effective October 1, 2020 and property owners will learn the impact on their rates on April 1, 2020.

FEMA says cost of coverage will rely less on flood zones and use other variables, such as risk of hurricanes and coastal surges, and proximity to a source of flooding.

It may also consider new loss-estimation technology that can account for threats from climate change and replacement costs.

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