Not sure if many have paid attention to a new law that the congress passed this year called the Biggert-Waters Flood Insurance Reform Act of 2012 (BW-12). When your property is located in a flood zone you might be directly affected by the new reform to the flood insurance.

Federal Emergency Management Agency (FEMA), and other agencies were asked with this now flood reform to make changes to the way the National Flood Insurance Program (NFIP) is run. One change that could directly affect the end consumer is the raising of rates to reflect true flood risk a home is in.

Flood Insurance Rate Map (FIRM) updates will impact policyholders. The changes could mean premium rate increases for some policyholders over time. To find out how the BW-12 could affect your insurance policy contact your insurance agent.