Congress Passes Flood Insurance Reform and Modernization Bill

Washington, DC 7/6/2012

Last Friday, Congress passed the "Biggert-Waters Flood Insurance Reform and Modernization Act of 2012" which would extend the National Flood Insurance Program (NFIP) for five years, until Sept. 30, 2017, and make needed reforms modernize the program. These include phasing out subsidies for many properties, raising the cap on annual premium increases from 10% to 20%, allowing multifamily properties to purchase NFIP policies, imposing minimum deductibles for flood claims, requiring the NFIP administrator to develop a plan for repaying the debt incurred from Hurricane Katrina, and establishing a technical mapping advisory council to deal with map modernization issues. The legislation would also require the Government Accountability Office (GAO) to conduct a study on the prospect of adding business interruption and additional living expenses coverages to the NFIP and would require the Federal Insurance Office (FIO) to study and submit a report to Congress on natural disaster insurance issues and possible legislative solutions. 

The bill was passed as part of a Conference Report package along with the Surface Transportation Act of 2012 and an extension of the Federal Direct Stafford Student Loan program.
  
"Both the House and Senate should be commended," said Charles Symington, Big "I" senior Vice President of Government Affairs. "This legislation has been a top priority of the Big 'I' for almost seven years, and we are very proud today that Congress has finally passed this balanced, bipartisan bill that will provide long-term protection for both consumers and taxpayers."
 
If you have any questions regarding Flood Insurance, or would like for us to propose this important coverage for your property, please contact us.

View All News Articles

What Our Customers Say!

Wilson Insurance Services consistently responds to all of my insurance needs.  They are real, caring people.  Linda, Dee, Jennifer, Bobbi and Fletcher are experienced professionals.  They are not just a voice on the other end of the phone somewhere.  They are truly a fantastic, service-centered Insurance Agency.

Angela Johnson Howell

Read what others have to say.

What's New

Why every Board of Directors should carry D&O Insurance
12/3/2019

 

Directors & Officers Liability insurance provides coverage for your own “wrongful act” while performing duties as a Director of Officer of the insured entity, or the "wrongful acts" of other board members. 

Why Do You Need Director’s & Officers Liability Insurance?

While an organization is legally permitted to cover the costs incurred as a result of personal liability stemming from the activities performed on behalf of the organization, this ability, called indemnification, may not apply to every situation.  The director or officer may become personally liable in their duties performed for the organization.

Read More »

 

What You Should Know About Rental Car Insurance
11/13/2019
There are some very serious contractual gaps in coverage for rental vehicles. Even if you purchase their Collision Damage or Physical/ Loss Damage Waivers, many rental car contracts exclude the following:
  • Theft of the Vehicle
  • Tolling, or Turning the Vehicle Over
  • Lease Gap coverage
  • Loss of Use
  • Glass, Tire and Undercarriage Damage
  • Animal Collision
  • Flood and Hail Damage
  • Damage above the Windshield
  • Individuals who rent personal vehicles for extended periods and do not have a Personal Auto policy in force
  • Drivers who rent, and do not own another vehicle insured elsewhere, need to be expecially careful here
Read More »

 

5 Types of Cyber Criminals and How to Protect Against Them
11/3/2019
Understanding the types of cyber criminals and their techniques can help protect your organization from a data breach. Here are some common threats and steps a business can take: 

Read More »