The Homeowner Flood Affordability Insurance Act (HFIAA) requires FEMA to clearly communicate full flood risk determinations to individual property owners (Section 28, Clear Communication of Risk). Therefore, starting January 2017, NFIP policyholders will be receiving the letters directly from FEMA […]
April 1, 2017 NFIP Program Changes Bring Further Premium Increases
April 1, 2017 NFIP changes comply with the requirements of the Biggert-Waters Flood Insurance Reform Act of 2012 (BW-12) and Homeowners Flood Insurance Affordability Act of 2014 (HFIAA). The changes bring further premium increases and rating clarifications on properties newly […]
CRIO at the NMHC OPTECH – Premier Multifamily Industry Event in Dallas, TX
This week, Dan Freudenthal, President at CRIO, presented at the NMHC OPTECH – the premier multifamily conference and exposition that took place on November 14-16, 2016 in Dallas, Texas. The event brought together over 1,400 top minds of the multifamily industry, including […]
April 1, 2016 NFIP Program Changes
While at first glance, April 1, 2016 NFIP changes appear to be minor, they are significant enough for you to take note of them. Upcoming changes bring premium and fee increases, a new rating methodology for both Preferred Risk Policies […]
Premium Reduction Service Reduces NFIP Flood Insurance Premiums by $55K
Our client, a large condominium association, was looking for ways to reduce their insurance premiums. The NFIP flood insurance premium on the 48 buildings was approximately $160,000. This was 45{b73b969d192d8eafaea0090998e86317c7e4c69160e33071b50feed6bdb2d318} of the condominium association’s total insurance budget of $350,000. That […]
April 1, 2015 NFIP Changes
Effective April 1, 2015, the Homeowner Flood Insurance Affordability Act of 2014 (HFIAA) requires the following changes to all NFIP policies. The changes will affect the total amount a policyholder pays for a flood insurance policy, and will include implementation of […]
HFIAA Premium Refund Issuance Begins
As a result of the Homeowners Flood Insurance Affordability Act (HFIAA), which repeals aspects of the Biggert Waters 2012 (BW12) premium increases, refund checks have begun to be issued for eligible policies. Unlike typical National Flood Insurance Program (NFIP) refunds that […]
Phase I Implementation of HFIAA
The NFIP continues to implement BW12 changes on pre-FIRM policies that will affect policyholders. On April 15, 2014, the NFIP released a bulletin confirming that Phase I Implementation of Homeowners Flood Insurance Affordability Act (“HFIAA”) will begin on May 1, […]