Flood Insurance Guru Podcast Episode 277: 2020 FHA Private Flood Insurance Update

Private flood insurance has been a big discussion in the last 10 years. You have a lot of changes that have taken place to push private flood insurance forward.

In episode 277 of The Flood Insurance Guru podcast we look at the 2020 FHA private flood insurance update.

We take a look at the Biggert Waters act of 2012, the Homeowners Affordability Act of 2014, and the actions of the FDIC in 2019.

If you haven't watched the 2019 update you can view the video below.

In 2019 the FDIC announced it would start allowing private flood insurance. This meant things like conventional loans, Fannie Mae, and Freddie Mac could accept private flood insurance.

In 2019 this caused some confusion as customers thought that they could cancel their FEMA policy at any time. However FEMA has strict guidelines on cancelling flood insurance policies.

Check out the video below to learn about some of those cancellation reasons.

It just stated that the policy had to mirror the National Flood Insurance Program. The video below explains some of these things.

We take a look at what the next steps will be for the FHA and how these things will impact you as a property owner or someone looking at buying a home.

Make sure to stay tuned to the podcast as we will continue to update this situation with FHA as well as other current flood insurance discussions.

Remember we have an educational background in flood mitigation which means we are here to help you understand your flood risks, flood insurance, and mitigating your risk.

If you want to learn more about flood education you can check out our YouTube channel where we do our daily flood education videos. You can also checkout the blog on our website by clicking here.

If you want to contact us about learning more about your flood insurance options then click the contact us button below.