On March 21, 2014, the Homeowner Flood Insurance Accountability Act was signed into law in order to address some issues Congress felt existed in the current Flood Insurance Program. This law was essentially meant to reduce the burden Flood Insurance poses to those living in flood zones, while putting in place a gradual phase-out of taxpayer subsidies, and has some great measures that you should know about!
• FEMA will now be required to complete a feasibility study within the next 2 years that may further impact costs and coverage.
While not publicized enough, these changes should be incredibly beneficial to homeowners in flood zones, and should result in a decrease in premium cost! While FEMA is still working to implement this law, it is expected that homeowners will automatically see the reduced rate at the time of their next renewal. Some measures of this law, such as transfer of the current Flood Insurance rate, disputing existing rates or flood maps, and refunds for overpayment will need to be addressed proactively by the homeowner.
These changes do a good deal to assist homeowners and prospective homeowners in securing necessary Flood Insurance in order to protect them should disaster occur, and allows for proper Mitigation and Restoration by qualified companies. Should you suffer a Flood damage at your home, it is important to understand the need for Fast Response and proper Mitigation, in order to prevent Further Damage. We at Disaster Blaster are experts in working with FEMA to return your home to pre-flood conditions.
We hope this information was useful to you. Should you ever have a need for one of our services, please Contact Our Offices!
*As State and Federal Laws are constantly evolving and changing, this information may have changed. Should you find that this is the case, please Let Us Know, so that we may update the information.
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