Industry News
July 19, 2012
Flood Insurance Extended
The National Flood Insurance Program set to expire on July 31 has been reauthorized by Congress for five years as part of a $120 billion transportation package. The final version did not include provisions in the Senate bill that would have required participation in the program for areas of so-called residual risk. That requirement would have mandated insurance for areas currently protected by existing flood control structures, such as levees and dams. The reauthorization increases the limits on permitted rate increases from 10% per year to 20% per year on second homes, vacation residences, commercial properties and properties with repetitive flood claims. A technical mapping advisory council was also established to address map modernization issues.
