In an effort to reduce barriers to buying flood insurance, the Federal Emergency Management Agency has announced that the National Flood Insurance Program will begin accepting monthly payments. The new rule goes into effect Dec. 31.Since the Flood Insurance Program’s inception in 1968 FEMA has always required full payment at application or renewal of a policy. The Homeowners Flood Insurance Affordability Act of 2014 contained language that allowed monthly payments, but FEMA has been slow in implementing that option.