Biggert-Waters Flood Insurance Reform Act

The Biggert-Waters Flood Insurance Reform Act, passed in 2012, aimed to make the National Flood Insurance Program financially sustainable by updating rates to reflect true flood risk. It encourages communities to adopt stronger floodplain management practices and reduces subsidized rates for property owners. This means that flood insurance premiums may increase to better align with actual risk, helping to prevent the program from losing money and ensuring resources are available for future disaster assistance. Overall, the Act promotes responsible management of flood risks while encouraging safer building practices.