The great flood of ’93 revealed the importance of flood insurance to many St Louis area property owners that found their homes either underwater or threatened by flood though they never before thought it possible. As a result of that flood as well as subsequent floods brought on by hurricanes in coastal areas and other major storms inland, the National Flood Insurance Program (NFIP) found itself in a position where major changes were needed in order to continuing providing flood coverage and at fair rates. Therefore the Biggert-Waters Flood Insurance Reform Act of 2012 was passed which makes sweeping changes to the flood insurance program. This short (4 minute) video from FEMA does a great job explaining changes to the program that will come about as a result of the act.
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