By Russell W. Riggs, Austin Perez, Colin Allen (TN’s Legislative Representative and Friend to TAR)
NAR President Steve Brown met with the Director of the National Flood Insurance Program on April 1, 2014 to discuss issues related to implementing the Homeowner Flood Insurance Affordability Act (HFIAA) that was recently signed into law. This law repeals FEMA’s authority to increase premium rates at time of sale or new flood maps, and refunds the excessive premium to those who bought a property before FEMA warned them of the rate increase.
President Brown emphasized that FEMA must begin implementing two key HFIAA provisions as quickly as possible: The provision that allows new homeowners to “assume” the flood insurance policy of the previous owner, and the refund provision. FEMA stated that they understand the urgency to implement these two provisions and are working “aggressively” to develop and circulate the appropriate guidance and information.
For a section by section analysis of the “Homeowner Flood Insurance Affordability Act”, click here.