WASHINGTON?- President Barack Obama has signed a five-year extension of the National Flood Insurance Program into law.
The Biggert-Waters Flood Insurance Reform and Modernization Act of 2012, which was part of a larger surface transportation bill that President Obama signed into law on Friday, extends NFIP funding to September 2017 and makes substantial changes to the program.
The changes include phasing out premium subsidies for many properties, raising the cap on increases in annual premiums from 10% to 20%, allowing multifamily properties to purchase NFIP policies and imposing minimum deductibles for flood claims. Minimum deductibles may range from $1,000 to $2,000, depending on the age of the home and the amount of coverage.
The law, to which Congress gave final approval in late June, also requires the NFIP administrator to develop a plan to repay debt incurred from Hurricane Katrina and establishes a technical mapping advisory council to deal with map modernization issues.
Robert Rusbuldt, president and CEO of the Alexandria, Va.-based Independent Insurance Agents & Brokers of America Inc. said the NFIP reforms are needed.
?The Big ?I? commends President Obama and Congress for working together, and in a bipartisan fashion, to protect millions of homeowners and businesses across the country who are threatened by flooding,? Mr. Rusbuldt said in a statement. ?The Big ?I? looks forward to the implementation of the many provisions that will help put the program on more solid financial footing.?
Copyright ? 2012. Crain Communications, Inc.
Source: http://www.insuranceheadlines.com/Homeowners/7712.html
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