FLOOD ZONE UPDATE
We knew it would happen, the NEW FEMA maps have gone into effect. Many properties in Southwest Louisiana have been re-zoned under the new FEMA flood maps.
Homeowners who are being moved from X to AE are going to get a two year reprieve, and won’t receive an rate increase for two years after the new maps are adopted by the insurance companies.
Who is Eligible?
A. Properties currently insured, that have been newly mapped into high-risk flood zones due to a map revision on or after October 1, 2008, and would have qualified for the preferred program on the prior map, are eligible for a PRP for two policy years effective on the renewal offers between January 1, 2011, and December 31, 2012.
B. Properties meeting the same conditions above that were not previously insured may be issued as a new business PRP on or after January 1, 2011, during this same eligibility period.
C. Properties that are newly mapped into a high-risk flood zone due to a map revision on or after January 1, 2011, are eligible for a lower-cost PRP for two policy years from the map revision date.
What happens after the two year extension?
Pre- and Post-FIRM buildings mapped into a high-risk area after October 1, 2008 will be eligible to grandfather after the two PRP policy years are completed. To qualify for grandfathered rates after the two extended PRP policy years, the grandfathering guidelines must still be met; e.g., pre-FIRM buildings must maintain coverage continuously and have no substantial damage or improvement to be eligible for grandfathering after the PRP extension period is over.
The PRP Extension is not retroactive!
Properties with a Map revision on or after Oct 1, 2008 are only eligible for a PRP for two policy years effective between January 1, 2011, and December 31, 2012. The good news is that moving forward, those eligible for the PRP will be able to purchase their policies at the lower rate for two years.
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