The Flood Insurance Reform Act

The Flood Insurance Reform Act updates federal flood insurance policies to promote better risk management and affordability. It includes measures to reduce premium costs for homeowners, improve the accuracy of flood risk assessments, and encourage responsible development in flood-prone areas. The law aims to strengthen the National Flood Insurance Program (NFIP), making it more sustainable while providing policyholders with better incentives to mitigate flood risks. Overall, it balances the need for affordable coverage with increased protection and risk awareness for communities vulnerable to flooding.