BW-12 is effective October 1, 2013 for newly issued flood insurance policies,and polices reinstated on Pre-Firm properties in the Special Flood Hazard Areas (SFHA). Properties are now subject to full-risk rates. Elevation certificates are required. Subsidized rates for Hawaii property owners will be phased out.
Subsidized rates for Pre-Firm rates will be replaced with increases of 25% annually for residential properties not the primary residence; properties with severe repetitive loss, business property; flood damaged properties that exceeded the fair market value of the property and more.
Posted October 28, 2013-- "Bipartisan Coalition of Nearly 60 Members of Congress Introduce legislation to Address Flood Insurance Rate Increases"
View this article online: http://www.insurancejournal.com/news/national/2013/10/28/309383.htm