National Flood Insurance InformationPosted: November 22, 2017
The National Flood Insurance Program (NFIP) provides up to $350,000 of flood insurance coverage where required for a federally backed mortgage in Nome and Kotzebue.
On March 21, 2014 the President signed the Homeowner Flood Insurance Affordability Act of 2014. That Act changes the B-W Act to significantly mitigate the current impact of higher flood insurance rates. This includes eliminating the immediate application of full market-based rates upon the sale of a property or a new policy, limiting annual flood insurance premium rate increases to 18% for primary homes and 18-25% for second homes, directing FEMA to implement new rate tables based on the new Act within 8-16 months, allowing policy holders to receive a refund of premiums already paid in excess of the amount that would be allowed under the new law, allowing new owners to assume a prior owner’s policy at existing rates, providing for properties to be “grandfathered” to retain their flood zone’s rates even when remapped into different flood zones, and phasing in rate increases for newly mapped properties.
CLICK HERE TO SEE NOME HAZARD MITIGATION PLAN. (warning, it’s a rather large PDF file)