•Preferred Risk Policies (PRP's) written under the Eligibility Extension will see an average rate increase of 20% and a new rate table will be provided for such risks. Properties that are currently mapped in qualified zones and meet the loss history requirements will continue to be issued or renewed using the regular PRP tables.
•Policies required as a result of a lender determining that a loan on a building in a Special Flood Hazard Area is lacking flood insurance will be subject to the 30 day waiting period.
•Owners of pre-FIRM non-primary/secondary residences in Special Flood Hazard Areas (and D zones) will see 25% annual premium increases until full actuarial rates are met.
Additional documents regarding Biggert-Waters Flood Insurance Reform Act of 2012 can be found here:
Biggert-Waters Implementation Timeline
FEMA-What To Expect
FEMA-Impact of Changes to the NFIP
Contact Ron Wortham, NPSAR Government Affairs Director