FEMA backtracks on ICC rates
A premium rate increase for National Flood Insurance Program’s (NFIP) Increased Cost of Compliance (ICC) coverage is imminent. FEMA backtracked this week on its original decision not to change ICC premiums.
According to Bulletin W-17068:
ICC premiums have remained constant for several years. To maintain program integrity and stability, FEMA has determined that ICC premiums must increase to keep pace with increased costs due to inflation over the years.
The bulletin includes tables with updated ICC premium rates, which take effect on April 1, 2018.