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Flood Insurance Deductible Limits

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  • #6322
    compdud
    Member

    Were the minimum deductible limits established by the Biggert-Waters Act repealed or delayed? If not, what was the effective date for compliance with the new minimum deductibles?

    Thanks!

    #6329
    rcooper
    Member

    In accordance with Section 100210 of BW-12, FEMA revised the minimum deductibles for the NFIP.
    •The changes to the minimum deductibles are available only for new business and renewal policies that are effective on or after June 1, 2014.
    •Insurers must advise affected policyholders of the new minimum deductible option as part of the renewal process, as all deductibles must comply with the new minimums.

    Here’s a notice from the NFIP that gives an overview of the changes: https://www.nfipiservice.com/Stakeholder/FEMA2/Attachment%20A%20Summary%20of%20the%20NFIP%20June%202014%20Program%20Changes.pdf

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