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Press Release: FEMA National Flood Insurance Program (NFIP) Homeowner Flood Insurance Affordability Act (HFIAA) Surcharge

Post Date:04/20/2017 4:26 PM

Press Release: FEMA National Flood Insurance Program (NFIP) Homeowner Flood Insurance Affordability Act (HFIAA) Surcharge 

As of April 1, 2015, every National Flood Insurance Program (NFIP) policy includes an annual surcharge required by the Homeowner Flood Insurance Affordability Act of 2014 (HFIAA). The amount of the surcharge depends on the use of the insured building and the type of policy form insuring the building, regardless of its flood zone designation. Policies for owner-occupied single-family detached buildings and individual condominium units that are the primary residence of a policy-holder insured under the Dwelling Policy form, will include a $25 surcharge. Policies for all other buildings will include a $250 surcharge, which also applies to policies insured under the Residential Condominium Building Association Policy form, regardless of the number of units, attached and detached, or use of the building. It is important to know the annual amount due to your insurer for flood insurance at the time of application or renewal includes this surcharge. If a policyholder does not send back the documentation to their insurance agent that verifies the policy is for a primary residence, a $250 surcharge will be applied.

For the National Flood Insurance Program (NFIP) Fact Sheet, please click here.  

For more information, please visit the FEMA’s website at https://www.fema.gov/media-library/resources-documents/collections/414, visit the Town’s website at www.cutlerbay-fl.gov or contact the Public Works Department at (305) 234-4262.

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