- Reauthorizes the NFIP through September 2017 (sec. 100203);
- Establishes a formula for NFIP and wind insurers to pay where property damage cannot be attributed to wind or water, settling a long-standing dispute and avoiding further lawsuits (sec. 100253);
- Eliminates rate subsidies on severe repetitive loss properties that have made repeated claims on the program (sec. 100205);
- Improves the accuracy of floodplain maps by establishing a technical council of experts to review and set the standards (sec. 100216);
- Establishes an independent appeals board for homeowners and communities to resolve their flood map disputes with FEMA (sec. 100218);
- Reimburses homeowner’s appeal expenses when successfully challenging a flood map (sec. 100246);
- Requires the lender to terminate the flood insurance it “force places” and issue refunds to homeowners who already have their own coverage (sec. 100244);
- Studies expanding coverage to include living and business-interruption expenses (sec. 100233); and
- Studies the availability and affordability of property insurance for natural disasters (in addition to floods), which could justify a broader federal insurance program (sec. 100247).
National Association of Realtors (NAR) Section by Section Highlights of the Biggert – Waters Flood Insurance Reform Act.