October 1, 2014 Program Changes – Section 5 of the HFIAAPosted on May 29, 2014 in NFIP News, Uncategorized
On May 29, 2014, FEMA issued WYO Bulletin 14026. The purpose of this memorandum is to provide notification of program rate changes the NFIP will implement effective October 1, 2014. The October 1, 2014 rate changes revise premium rate tables to comply with Section 5 of the Homeowner Flood Insurance Affordability Act of 2014 (HFIAA) Pub. Law No. 113-89 (March 21, 2014), which prohibits FEMA from increasing premiums more than 15 percent a year within a single risk class and not more than 18 percent for an individual policy. In every case, the attached rates are the same or lower than the October 1, 2013 premium rates.
Download the WYO Bulletin 14026 here