June Revisions to NFIP Flood Insurance Manual
The latest revisions to the NFIP Flood Insurance Manual that will become effective on June 1, 2014, have now been posted by FEMA/NFIP.
w-14013 – This is the notice of the June 2014 Revisions to the NFIP Flood Insurance Manual incorporating the modifications that were issued in February. Please remember that in these changes, the National Flood Insurance Program (NFIP) is again modifying the definition of what constitutes a primary/principal residence for underwriting and rating purposes, but that the higher standard for that definition will still apply at the time of claim.
w-14006 – Note that this bulletin delays one of the original June 1instructions regarding duplicate policies.
w-14014 – Section 3 of the Homeowner Flood Insurance Affordability Act of 2014 (H.R. 3370). This bulletin provides further underwriting clarification as to the nature of properties H.R. 3370 covers. It advises that effective May 1, 2014, the Federal Emergency Management Agency (FEMA) is requiring the WYO Companies and the Direct Servicing Agent to use the appropriate October 1, 2013, Pre-FIRM Rate Tables; and also provides a listing of exactly what properties will or will not qualify under this standard. This bulletin also thanks all for their continued cooperation as FEMA/NFIP continues to work-out the many further details of this new law.
However, this needs to be read in context with the previously issued bulletin w-14011, which provided the first set of underwriting guidance for H.R. 3370, and is discussed further in item #6.