In an earlier blog post, we discussed implementation of the Biggert-Waters Act and how it may increase flood insurance premiums. (As you’ll recall, the Biggert-Waters Flood Insurance Reform Act instructed FEMA to phase out subsidies and discounts so that premiums more accurately reflect a property’s true risk.)
As the Act takes effect, however, a growing number of politicians and homeowners are seeking to delay its implementation, especially as some insurance rate increases have been larger than expected.
Indeed, even Rep. Maxine Waters, who co-authored the bill, is seeking to have the premium increases delayed. In addition, some states have filed lawsuits against the federal government in an attempt to stall rate hikes. Other states are encouraging private insurers to offer alternatives to federal flood insurance coverage.
It remains to be seen how all this will shake out. But regardless of what happens with Biggert-Waters, it remains true that most insurers will offer a flood insurance premium discount for proper flood vent installation.
At Flood Solutions, our FEMA compliant flood vents come in a variety of models and sizes for both new construction and retrofits. For more information about our flood vents, contact us.
