On March 21, 2014, the Homeowner Flood Insurance Affordability Act of 2014 (The Flood Insurance Act) was signed into law. This Act modifies planned flood insurance reforms that would have dramatically increased premiums for many property owners in high-flood risk areas.
These reforms were part of the Biggert-Waters Flood Insurance Reform Act of 2012 (the Biggert-Waters Act). The Biggert-Waters Act required changes to the National Flood Insurance Program (NFIP) to make it more financially stable, including the elimination of subsidized rates and grandfathering, which protected property owners from certain rate increases. Read more.