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Homeowner Flood Insurance Affordability Act of 2014

Homeowner Flood Insurance Affordability Act of 2014

Recent legislation phases out subsidies for some older buildings in high-risk flood areas. As a result, rates for these buildings will rise until they reach full-risk rates. In addition, all policyholders will be subject to new assessments and surcharges.

Make Sure You Pay the Correct Surcharge

As of April 1, 2015, every new or renewed NFIP policy includes an annual surcharge required by the Homeowner Flood Insurance Affordability Act of 2014 (HFIAA). The surcharge amount depends on the use of your insured building and the type of policy insuring the building, regardless of its flood zone or date of construction.

Policies for owner-occupied, single-family detached buildings and individual condominium units that are your primary residence will include a $25 HFIAA surcharge. If you have a contents-only policy for a rental unit that is your primary residence, it includes the $25 HFIAA surcharge. Policies for all other buildings include a $250 HFIAA surcharge.

To ensure that you pay the correct surcharge at renewal, you must complete and return a Verification of Primary Residence Status form to your flood insurance provider, which will mail you the form before it issues the renewal notice. You are required to respond within 30 days of receipt.

To receive the $25 HFIAA surcharge, you or your agent must submit one of the following with the form:

  • Drivers license
  • Automobile registration
  • Proof of insurance for a vehicle
  • Voter registration
  • Documents showing where children attend school
  • Homestead Tax Credit form for primary residence

If the form and documentation are not received within the 30-day period, your renewal premium will reflect the $250 HFIAA surcharge.

If your policy is coming up for renewal soon and you have not received the letter and form—or if you have misplaced it—please contact your insurance agent.

 

PRIMARY RESIDENCE DISCLAIMER


For flood insurance rating purposes, a primary residence is a building that will be lived in by the insured or the insured's spouse for at least 80 percent of the 365 days following the policy effective date. If the building will be lived in for less than 80 percent of the policy year, it is considered to be a non-primary residence.

How Can I get Covered?

  • Rate your risk
  • Estimate your premiums
  • Find an agent
 

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