FEMA: Flood insurance overhaul starts next year

WASHINGTON – March 19, 2019 – The Federal Emergency Management Agency (FEMA) announced the rollout of National Flood Insurance Program (NFIP) updates that will become effective next year.

While FEMA released few specific details about the new program, it appears to downplay the role of flood zones in determining a home’s cost of coverage in favor of other variables, such as the distance from a potential flooding source rather than an all-or-nothing “in a flood zone” or “not in a flood zone” test.

As part of Monday’s announcement, FEMA noted important dates: The new program becomes effective on Oct. 1, 2020, and homeowners will find out how much their policy will go up or down on April 1, 2020.

Source: The Wall Street Journal, March 19, 2019, Lalita Clozel

© 2019 Florida Realtors®

Read More

About the author

rrickel

rrickel

%d bloggers like this: