For Properties in Moderate- to Low-Risk Areas: The Low-Cost PRP
The Preferred Risk Policy (PRP) is a low-cost approach to covering both building and contents.
For Properties Newly Mapped into a High-Risk Area: Newly Mapped Procedure
As of April 1, 2015, FEMA is moving to the Newly Mapped procedure to provide a cost-saving option to policyholders when their property is mapped into a high-risk area for the first time and to policyholders rated using the PRP Eligibility Extension option. Premiums will be the same as the PRP, which offers low-cost flood insurance to owners and tenants of eligible residential and non-residential buildings located in moderate- to low-risk areas, for the first year (calculated before fees and assessments) to comply with provisions of the Homeowner Flood Insurance Affordability Act of 2014 (HFIAA).
For Standard-Rated Properties: Discounts and Higher Deductibles
Many property owners are not aware that elevating above the Base Flood Level can save on flood insurance or that higher deductibles can help lower their premium. Be sure to educate them.
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