What is the status of your Flood Insurance Refund?
This is just an update to our 3/24/2014 blog entitled Are You Due a Refund on your Flood Insurance Policy? This is the latest information from FEMA.
When will I expect to receive my refund?
Prior to restoring and refunding premiums, FEMA is required to consult with its partner insurers (Write-Your-Own insurance companies or WYOs) to develop guidance and rate tables. FEMA is working closely with the WYO insurance companies and hope to provide refunds starting the Fall of 2014.
Who is due a refund?
REFUNDS APPLY TO: Policyholders of pre-FIRM properties in A and V Flood Zones who were required to pay their full-risk rate after purchasing a new flood insurance policy on or after July 6, 2012 and who allowed their policy to lapse and be reinstated on or after October 4, 2012.
REFUNDS MAY APPLY TO: Policyholders who renewed their policy after the Homeowner Flood Insurance Affordability Act was enacted on March 21, 2014 and whose premium increased more than 18%.
REFUNDS DO NOT APPLY TO:
Policyholders paying the 25% annual rate increases for a pre-FIRM, subsidized non-primary residence, business, severe repetitive loss property, or building that was substantially damaged or improved.
Policyholders whose full-risk premium is less than the pre-FIRM subsidized premium, or who were not overcharged according to any retroactive revisions to the pre-FIRM subsidized rates required by the new law.
Policyholders who saw usual annual rate increases in 2013 or 2014, or policyholders who paid the 5% fee as required by BW-12 for the NFIP Reserve Fund will only see a refund if their premium renewal was after March 21, 2014 and their total premium, including the reserve fund, exceeded 18 percent.