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flood insurance

Significant Changes in Flood Insurance

There are major changes coming with respect to flood insurance and the premiums which will be charged.

The changes from the Biggert-Waters Flood Insurance Reform Act of 2012 (FIRA) will begin being implemented.  One of the major changes has to do with the phase out of subsidies.  Beginning in August of 2013, FEMA will phase out subsidies to any severe repetitive loss property, any property that has incurred flood-related damage in which the cumulative amounts of NFIP claim payments equals or exceed the fair market value of the property, and any business property.