| The Federal Emergency Management Agency has announced a general waiver of two provisions in the National Flood Insurance Program's Dwelling Form. The waiver implements requirements enacted into law in 2012.
The terms of the Dwelling Form exclude coverage for a condominium loss assessment if the reason for the assessment is that the condominium building suffered a coinsurance penalty. A separate provision makes a Residential Condominium Building Association Policy's coverage primary for a loss and the Dwelling Form's coverage excess. The Biggert-Waters Flood Insurance Reform Act of 2012 prohibits FEMA from enforcing the first provision. The second provision may prevent implementation of that law in certain circumstances. To correct these issues, FEMA is waiving both provisions for all affected policyholders.
Permanent changes to the Dwelling Policy will be made at a later date by regulation.
Read the FEMA bulletin |
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