National Flood Insurance Program Reauthorization
Summary of the Biggert-Waters Flood Insurance Reform Act
The Biggert–Waters Flood Insurance Reform Act of 2012, signed into law by President Obama on July 6, 2012, extends the National Flood Insurance Program (NFIP) through September 30, 2017. Availability of Insurance for Multifamily Properties. Clarifies that multifamily structures consisting of five or more units will be eligible for flood insurance under NFIP. Reform of Premium Rate Structure. Provides for the immediate phasing-in of actuarial rates for other subsidized properties, including: (1) second properties, (2) severe repetitive loss properties, (3) properties that have incurred flood-related damage that exceeds the fair market value of the property, and (4) commercial properties; prohibits…
