National Flood Insurance Program

Posted: Jun 6, 2013 10:44 AM
Updated: Jun 6, 2013 1:15 PM

NFIP (National Flood Insurance Program) REALTOR® Toolkit

Louisiana REALTORS® continue to work hard with other likeminded groups such as Greater New Orleans Inc., the Louisiana Bankers, the Louisiana Homebuilders and our congressional delegation to correct or amend the Biggert Waters Flood Act of 2012 which has or will cause many Louisiana property owners to pay higher flood insurance premiums. We suggest that all Louisiana REALTOR® members talk with their clients about flood insurance and have them talk directly to their insurance agent to get a better feel of what their flood insurance premiums might be. Another suggestion that FEMA has mentioned is having property owners acquire a flood elevation certificate on the property in question.

Senator Mary Landrieu filed a bill in the United States Senate to basically halt the implementation of the Flood insurance Act of 2012 until FEMA could conduct an affordability study of the new law and how that might affect property owners. The LR again asks that members email norman@larealtors.org on any specific examples of flood insurance premiums that have significantly increased on Louisiana properties.

Please refer to the links below for more information:

Background Information on NFIP Issues:

www.fema.org/BW12
Site containing good information on the flood insurance act and a great power point to help Louisiana REALTOR® members fully understand the new law, dates of implementation and other key facts of the Biggert Waters Flood insurance Act.

Powerpoint with Audio (Click to Download)
The above link will automatically download an audio powerpoint to your computer.

NFIP: Preparing for Changes to Flood Insurance
June 18 workshop focused on strategies to plan for short and long term changes to the NFIP

Total Claims
Claims filed from October 1, 2011 through September 30, 2012

Total Claim Payments
Claims paid from October 1, 2011 through September 30, 2012

Louisiana Congressional Delegation Bills:

H.R. 2199
Cedric Richmond's House Bill introduced to delay implementation of the Biggert-Waters Flood Insurance Reform Act of 2012.

Senate Bill 996, SMART Act
Mary Landrieu's full Senate Bill intended to delay the Biggert-Waters Flood Insurance Reform Act of 2012, as well as ammend the NFIP.

Senate Bill 996 SMART Act Summary
The Senate Bill 996 SMART Act Summary breaks down the sections of the bill which will ammend the NFIP.

Flood Insurance Reform Act of 2012 Fact Sheet
Fact sheet detailing sections 205 and 207 of the bill.

News Story Coverage:

American Press: Legislation Could Delay Flood Insurance Premium Increases

For more information, contact Norman Morris or Cindy Olano at 1-800-266-8538

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