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Home & Flood Automobile Business Mortgage & Life

"FEMA’s mission is to support our citizens and first responders to ensure that as a nation we work together to build, sustain, and Improve our capability to prepare for, protect against, respond to, recover from, and mitigate all hazards."

National Flood Insurance Program (NFIP)

 

The 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. Additionally, contents-only policies insured under the Dwell-ing Form and held by a tenant in the tenant’s primary residence will include the $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. In fact, even if the con-dominium association is being surcharged $250 for the entire building, a unit-owner with an individual policy that includes building cover-age, can also be surcharge appropriately; based on the use. Lastly, all buildings insured under the General Property form will include a $250 surcharge. Policies covering buildings designed for use by more than one family will be charged a $250 surcharge, even if the land-lord uses the building as a primary residence, or the building is owned by a condominium association.

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