Biggert-Waters Insurance Reform Act of 2012 causes flood insurance to increase for many
Posted on Wednesday, October 30th, 2013 at 6:32 pm
Although the Biggert-Waters Insurance Reform Act of 2012 was passed in July 2012, parts of the law are still going into effect. In particular, the component that, according to CNN, “phases out flood insurance subsidies on hundreds of thousands of older homes,” went into effect earlier this month, causing many homeowners to face drastic increases in their flood insurance premiums. Additionally, many homeowners are finding that they are required to buy flood insurance.
These changes came as a result of FEMA (Federal Emergency Management Agency) reorganizing flood zones and reassigning the flood risks of certain areas and homes. FEMA is making the changes in an effort to provide additional support to the federal flood insurance program.
Unfortunately, simply having flood insurance does not guarantee that the insurer will provide the appropriate compensation when it is needed. At Jessica Rutzick & Associates, P.C., our lawyers are well-aware that many insurance companies act in bad faith, preventing those that they insure from getting the money they are owed. If you are dealing with such a situation, call (307) 733-8140 to talk about the legal options available to you.