May 1, 2014 Changes to the Biggert Waters Flood Insurance Report Act of 2012
Effective May 1, 2014, certain provisions of the Biggert-Waters Flood Insurance Report Act of 2012 have been repealed. When originally enacted, Biggert-Waters eliminated eligibility for subsidies for buildings newly purchase or newly insured on or after July 6, 2012 and caused major premium increases for homes built on or before December 31, 1974. With the repeal, and pursuant to FEMA’s rules, homes built on or before December 31, 1974 are not required to have an elevation certificate and are grandfathered in with the subsidized rates. Homes built on and after January 1, 1975 are required to have elevation certificates. If you have questions regarding flood insurance requirements on a specific property, it is recommended that you speak with your insurance carrier or go online to www.FloodSmart.gov.
