Flood Insurance rules have changed continuously over the past few years. On July 6, 2012, Congress passed the Biggert-Waters Flood Insurance Reform Act (Biggert-Waters). On March 23, 2014, Congress passed the Homeowner Flood Insurance Affordability Act (Affordability Act). Final rules implementing the two laws have been published and implemented in recent years. During 2020 and 2021, the agencies have proposed Frequently Asked Questions to clarify the rules for flood insurance and private flood insurance.

Upon completion of this program, participants understand recent revisions including:

• The requirements of the Biggert-Waters Flood Insurance Reform Act
• The requirements of the Homeowner Flood Insurance Affordability Act
• The requirements of the Interagency Final Rules including:

• The exemption from coverage for any structure that is part of a residential property but is detached from the primary residential structure and does not serve as a residence
• The requirement to escrow flood insurance premiums on residential improved real estate or a mobile home securing a loan that is made, increased, renewed, or extended as of January 1, 2016
• The exemptions from the escrow requirements
• The revised Flood Hazard notice
• The requirement to offer the option to escrow flood insurance premiums and fees on loans outstanding as of January 1, 2016
• The revisions to the rules for force-placing flood insurance

• The final rules, effective July 1, 2019, require lenders to accept private flood insurance