Did You Overpay for Flood Insurance?

Flood InsuranceFEMA has released information on providing refunds to property owners who overpaid for flood insurance.

The Homeowner Flood Insurance Affordability Act requires FEMA to restore Pre-Flood Insurance Rate Map (FIRM) subsidized rates and issue refunds of excess premiums collected for: pre-FIRM properties not insured when the Biggert-Waters Flood Insurance Act of 2012 was enacted; pre-FIRM properties purchased after Biggert-Waters was enacted; and policies for Pre-FIRM properties that were rated full-risk under Biggert-Waters due to a lapse in coverage, but only for policies where the lapse was due to a property owner no longer being required to purchase flood insurance.

The issuance of refunds will begin on Oct. 1 and must be completed by Dec. 31, 2014. For more information, click here.

Posted by Scott Freerksen “The Lake Guy”

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