New National Flood Insurance Program Manual Now Available
FEMA has released the updated edition of the National Flood Insurance Program’s Flood Insurance Manual. The new Flood Insurance Manual, which became effective April 1, 2024, reflects the NFIP’s existing underwriting requirements and its current rating methodology. It does not change flood insurance coverage or supersede the terms and conditions of the Standard Flood Insurance Policy (SFIP).
The April 2024 edition incorporates revisions provided to National Flood Insurance Program insurers through WYO Bulletin W-23014 dated Oct. 2, 2023, NFIP Program Changes and Updated Guidance Effective April 1, 2024, to clarify guidance in the Oct. 1, 2022, edition of the Flood Insurance Manual.
Notable changes include the following:
- For First Floor Height, updated the guidance to use the first floor above the crawlspace in all buildings with a crawlspace foundation type (diagram 8 & 9).
- Updated the renewal guidance to explain the effect of a lapse on the Annual Increase Cap Discount and to emphasize the importance of paying the premium on time.
- Added guidance on completing the application using the new Section H of the Elevation Certificate.
- Incorporated additional guidance requirements for Non-Residential Floodproofing.
- Expanded the guidance to explain when the NFIP Prior Claims Rating Factor and the SRL Rating Factor would be applied.
- Added guidance on claims after mitigation action.
- Updated the guidance on the Building Replacement Cost Value (BRCV) for a Residential Condominium Building.
- Modified the guidance on number of floors in building to include hanging floors and exclude mid-level entries.
- For renewals, changed all references of “Final Notice” to “Expiration Notice.”
- Added two Non-Residential building sample scenarios.
- Added a new appendix to provide underwriting documentation requirements in a single place for easy reference. (ASFPM members have noted that Appendix K is a particularly useful reference!)
