FEMA/NFIP Announces New Revisions to BW12
FEMA and the National Flood Insurance Program (NFIP) have announced in NFIP Clearinghouse Bulletin w-14001 (Addendum to June 1, 2014, Program Changes) another update and revision to the NFIP changes that are already moving forward effective 06-01-14. It is important for PIA members to remember that many changes driven by BW12 that will affect the NFIP program as to rating, underwriting and business rules changes are already moving into the marketplace. The group set for effective date 06-01-14 has been revised again (w-14001) by this latest bulletin. NOTE: These are not impacted by the actions Congress is considering taking to delay some rate increases.
Please note in particular the change to how FEMA/NFIP will determine a “primary” residence for rating purposes vs. what different standards they will apply at the time of claim. Please share any questions, concerns and/or suggestions that you may have email@example.com.