Flood Insurance Changes

There have been a significant number of changes to flood insurance via a new bill, “Menendez-Grimm Homeowner Insurance Affordability Act”. Among the changes are a number of repeals to the Biggert-Waters bill. Here are just a few – 1) FEMA is required to refund policyholders for overpaid premiums. 2) Authorizes FEMA to allow NPIF premiums payments both monthly and annually. 3) Repeals Section 207 in Biggert-Waters that would have terminated grandfathering.