The NFIP will begin implementing a refund procedure Oct. 1, 2014. To help explain the refund procedure, FEMA has released a fact sheet.
Section 3 of the Homeowners Flood Insurance Affordability Act (HFIAA) requires FEMA to restore Pre-Flood Insurance Rate Map (FIRM) subsidized rates and issue refunds of excess premiums collected above the subsidized rate for:
- Pre-FIRM properties not insured when Biggert-Waters was enacted
- Pre-FIRM properties purchased after Biggert-Waters was enacted
- Policies for Pre-FIRM properties that were rated full-risk under Biggert-Waters due to a lapse in coverage, but only for policies where the lapse was due to a property owner no longer being required to purchase flood insurance
For complete rules, regulations and underwriting guidelines, please see WYO Bulletin W-14035. FEMA has also detailed the refund amounts due to insureds in WYO bulletin W-14037.