FEMA has released information on providing refunds to property owners who overpaid for flood insurance. Refund amounts will be determined using rates made available in Bulletin W-14026 issued on May 29, 2014. The Homeowner Flood Insurance Affordability Act requires FEMA to restore Pre-Flood Insurance Rate Map (FIRM) subsidized rates and issue refunds of excess premiums collected for: pre-FIRM properties not insured when the Biggert-Waters Flood Insurance Act of 2012 was enacted; pre-FIRM properties purchased after Biggert-Waters was enacted; and policies for Pre-FIRM properties that were rated full-risk under Biggert-Waters due to a lapse in coverage, but only for policies where the lapse was due to a property owner no longer being required to purchase flood insurance.
The issuance of refunds will begin on Oct. 1 and must be completed by Dec. 31, 2014. For more information. For more information, click here.