FEMA Expected to Bifurcate NFIP Revamp
There have been numerous reports that the Biden administration is planning to bifurcate the launch of a sweeping revamp of flood insurance rates, which was set to take full effect this year, amid concerns about how the effort would affect millions of homeowners. FEMA runs the National Flood Insurance Program (NFIP).
FEMA now plans to split up the launch so that the new rates will only take effect for new flood insurance policies on Oct. 1, while rates for renewing policies will take effect on April 1, 2022, according to sources briefed on the agency’s plans. Agents need “sufficient time to educate policyholders who could be affected by the changes and currently seem to be unaware of them,” said Jon Gentile, vice president of government relations for PIA.