The Biggert-Waters Flood Insurance Reform Act of 2012 (“BW 12”), and the Flood Insurance Reform Act of 2012 will affect flood insurance. It could mean premiums increase for some, but not, all policyholders over time.
FEMA has provided fact sheets and details on the effect this may have to your insurance policy. Click FEMA Biggert Waters 2012 website
The County of Hawai‘i participates in the National Flood Insurance Program (NFIP) Community Rating System (CRS). The objective is to reward communities that do more than meet the minimum NFIP requirements to help citizens prevent or reduce flood losses. CRS does this by providing incentives to communities to initiate flood protection activities.
Publishing this report annually is one of the incentives. The County of Hawai‘i has a class 8 rating, offering a 10% discount on flood insurance premiums to property owners in flood zones.
Friday, January 18, 2013 at 2:38PM