On March 21, 2014, President Barack Obama signed the Homeowner Flood Insurance Affordability Act of 2014 into law. This law repeals and modifies certain provisions of the Biggert-Waters Flood Insurance Reform Act, which was enacted in 2012. To a large extent, this bill limits the large, but otherwise, actuarial sound premium increases mandated by Biggert-Waters and now nullified by Congress. FEMA will continue to try to identify and publish special flood hazards and flood risk zones as authorized and required by Congress – over the next six to eight months!
So, as of this writing, the entire flood insurance program for Spring 2014 appears to be under water with the flood season rapidly approaching. FEMA is still “studying” the flood problem. From our point of view, this is yet another government affordability train wreck about to happen. Here is an overview of the new law outlining its impact on the 2014 NFIP: HFIAA_Overview
All you ever wanted to know about the National Flood Insurance Program. This is the official FEMA website: FEMA – National Flood Insurance Program (NFIP)