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The Homeowner Flood Insurance Affordability Act of 2014 (HFIAA) repealed certain parts of previous law – Biggert-Waters, restoring grandfathering, putting limits on certain rate increases and updating the approach to ensuring the fiscal soundness of the fund by applying an annual surcharge to all policyholders.
IN GENERAL.—Subsection (g) of section 1308 of the National Flood Insurance Act of 1968 (42 U.S.C. 4015(g)) is amended by striking ‘‘either annually or in more frequent installments’’ and inserting ‘‘annually or monthly’’.
The framework titled, “ An Affordability Framework for the National Flood Insurance Program,” provides the first ever data driven analysis of policyholder and potential policyholder incomes by flood risk and home ownership status.
Homeowner Flood Insurance Affordability Act of 2014 - (Sec. 3) Amends the National Flood Insurance Act of 1968 (NFIA) to repeal the prohibition against any extension by the Administrator of the Federal Emergency Management Agency (FEMA) of flood insurance premium subsidies to prospective insureds for property: (1) not insured as of the date of ...
The Homeowner Flood Insurance Affordability Act of 2014 was a United States Congress bill that would have delayed the increases in flood insurance premiums that were part of the Biggert–Waters Flood Insurance Reform Act of 2012.
(a) In General.--The Administrator shall prepare a draft affordability framework that proposes to address, via programmatic and regulatory changes, the issues of affordability of flood insurance sold under the National Flood Insurance Program, including issues identified in the affordability study required under section 100236 of the Bigger ...
On March 21, 2014, President Obama signed the Homeowner Flood Insurance Affordability Act of 2014 into law. Here is a brief overview of the provisions included in this law.
Because of concerns about rising premiums from constituents in multiple communities, Congress later passed the Homeowner Flood Insurance Affordability Act of 2014 (HFIAA), which rolled back some of the changes implemented under BW-12 and recognized additional affordability challenges associated with increased premiums required by the BW-12 ...
3 Sec. 5 Homeowner Flood Insurance Affordability Act of 20... miums for flood insurance coverage under the National Flood Insurance Program collected in excess of the rates required
The Homeowner Flood Insurance Affordability Act of 2013 is a bill that would reduce some of the reforms made to the federal flood insurance program that were passed two years prior.