Insurance
Map Changes and Insurance
When flood maps change, they can have an effect on insurance requirements and costs. In communities getting new flood maps, citizens should consult their local floodplain manager to learn whether their structure will be in or out of the new floodplain.
Preferred Risk Policy
Eligibility rules for Preferred Risk Policy, the least expensive form of flood insurance, have changed. The most significant change is that the PRP can be in effect for two years following the effective date of a map change. This change can create a significant savings for property owners in communities getting new flood maps. Policy changes, too, can apply to communities that already have had map changes, for example, grandfathering insurance. Determine whether you qualify for this cost savings by consulting with your local insurance agent.
For updated information, view Cost-Savings Flood Insurance Option and Preferred Risk FAQ.
