The auto insurance, home insurance and business insurance industry is constantly changing. Whether you live in Grand Prairie, Arlington, Mansfield or Irving, you can be affected by this Act.
The Biggert-Watters Flood Insurance Reform Act of 2012 was designed to privatize the National Flood Insurance Program, eventually. The first step in that process is to charge insured’s an actuarially sound rate for their property, but affordability has become an issue, with some people in coastal areas seeing their flood insurance rates jump by several multiples of their current rates.
Along with the implementation of actuarial rates, new Flood Insurance Rate Maps (FIRM) are being introduced, which is compounding the affordability problem for some residents and hindering real estate sales.
The two sections of Biggert-Waters that seem to have people riled are 205, which deals with getting rid of premium subsidies, and 207, which deals with mapping.
A PIA chapter in Louisiana recently held a continuing education program recently to inform insurance and real estate agents about the timelines and evolving issues as the Biggert-Waters act is implemented, During the morning, Dwayne LeBlanc, vice president of business development for Wright Flood, led a seminar on the act. LeBlanc’s territory includes Texas. After lunch, a panel discussed surrounding the act. Panelists included Richard A. “Richie” Clements, vice president of PIA National and a member of the Flood Insurance National Committee; U.S. Rep Bill Cassidy, M.D., R-La.; David Holloway, president of a board of realtors; Matthew Monson, Monson Law Firm and president of the Louisiana Claims Association; Kirk, Frosch, Bergeron, Douglass, Frosch and Mack, which specializes in real estate law: Stephanie Weeks, NOLA Lending Group and LeBlanc.