Important Information for Homeowners! Has Your Flood Map Zone Recently Changed?

National Flood Insurance Program (NFIP) flood insurance rates and other charges will be revised for new or existing policies beginning April 1, 2015, as a result of recent flood insurance legislation known as the Homeowner Flood Insurance Affordability Act of 2014 (HFIAA).Some of the changes taking place in April include a new rating option for properties newly mapped into a high-risk area (Special Flood Hazard Area, or SFHA).

New Flood Insurance Rate Maps (FIRMs) can show that the risk of flooding has changed. And for some property owners, a change in risk means new flood insurance requirements. In recent years, the Federal Emergency Management Agency (FEMA) has sought to ease the financial impact of a map change by extending eligibility for a lower-cost Preferred Risk Policy (PRP) if a building outside of the SFHA is newly mapped into the SFHA.

Until now, the PRP Eligibility Extension has applied to any building newly mapped into an SFHA since October 1, 2008; although as of October 1, 2013, PRP Eligibility Extension premiums began increasing at a higher rate on renewal. But beginning April 1, 2015, FEMA is implementing a new procedure to meet the requirements of HFIAA.

Following a map revision, the owner of a building newly mapped into an SFHA will be rated according to a new procedure for newly mapped properties. This rate will be equal to the PRP rate but with a higher Reserve Fund Assessment and Federal Policy Fee for the first 12 months following the map revision.

After the introductory year, the rate will begin its transition to a full-risk rate with annual rate increases of no more than 18 percent each year. Please find additional details in the Newly Mapped Procedure table below.

 PRP changes

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