There’s good news for property owners who have been newly mapped into a high-risk flood area. FEMA is introducing cost saving insurance options through the NFIP that may benefit property owners. If a building has been newly mapped into a high-risk flood zone, the property owner may be eligible for significant savings with the NFIP’s new Preferred Risk Policy Extension. While the PRP Extension option provides temporary relief, revisions to the NFIP’s grandfather rules will offer a more permanent premium reduction.
PRP extension documents and materials are available through the following webpages:
ASFPM Flood Insurance Committee
ASFPM NFIP Documents