NEPA Flood Maps are Changing,
Call Franklin to Determe Your Risks and Rates.

Flood maps for Northeastern Pennsylvania ( NEPA ) are changing as the assessment of flood risks are updated due to new weather patterns, community development, aging flood control structures, natural changes to topography, and better technology. However, by acting quickly, you may be eligible for significant savings under the NFIP Preferred Risk Policy ( PRP ) Program or through Grandfathering rules.

The official explanation of these programs are shown below. However, determining eligibility can be very complicated. Even though the program dates may not appear to fit your situation, we urge you to call Franklin. We can make an accurate determination of your eligibility concerning the PRP program and Grandfathering rules and make sure you get the best rate for your flood coverage. You may be eligible and not know it. Please call Franklin, we can help. Call 888-567-9600

Please Note: Flood insurance rates are set by the federal government's National Flood Insurance Program (NFIP), so don't be fooled by companies advertising better rates. The only way to keep flood insurance costs low is to write accurate policies and take advantage of the proper programs the NFIP has in place to lower your insurance rates. Franklin has built its reputation on writing accurate flood insurance policies that take advantage of everything the NFIP allows. We write policies that fill your needs and don't waste your money.
Call 888-567-9600

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NFIP Preferred Risk Policy ( PRP ) Program

The NFIP wants to ease the transition for property owners, who have been newly mapped into a high-risk flood zone, and the mandatory flood insurance purchase requirements that go along with map changes. If your property was newly mapped into a high-risk flood zone on or after October 1, 2008, you may be eligible for the lower-cost Preferred Risk Policy ( PRP ) for up to two years after the latter of the two following dates:

• The effective date of the map revision;

      or

• January 1, 2011

Who is eligible?

• Property owners of buildings that have been newly mapped into high-risk flood zones (e.g., labeled with A, AE, AO, AH or V, or VE on the flood maps - see Flood Zones Explained ) due to a map revision on or after October 1, 2008, and before January 1, 2011, are eligible to receive a PRP for two policy years effective between January 1, 2011 and December 31, 2012. So, policies issued as standard-rated policies or converted to standard-rated policies following a map change on or after October 1, 2008, could be converted to the lower-cost PRP for two years beginning on the first renewal effective on or after January 1, 2011. On the third year, they may then be eligible for additional savings through grandfathering.

• Property owners of buildings that are newly mapped into a high-risk flood zone due to a map revision on or after January 1, 2011, are eligible to receive a lower-cost PRP for two policy years from the map revision date. On the third year, they may then be eligible for additional savings through grandfathering.

 

NFIP Grandfather Rule.

If your property changes from low-risk to high-risk, you will likely be required to protect your building and its contents with flood insurance if you have a mortgage. Flood insurance rates for high-risk areas are higher, but there are ways to save money beyond the PRP Eligibility Extension with the NFIP Grandfather Rule (376KB) Text Only version (16KB).

You can take advantage of grandfathering by buying a policy before the new maps (known as Flood Insurance Rate Maps or FIRMs) take effect. You'll likely qualify for the NFIP Preferred Risk Policy (PRP), which covers buildings and their contents for as little as $129 for the first year. After the new maps become effective, you can now renew the PRP for two years. On the third renewal, you will qualify for the standard rates associated with moderate-to-low risk zones, rather than high-risk zones. This could add up to significant savings because otherwise, the property will be rated using the high-risk flood zone on the new map.

For older structures built before the community's first flood map was issued (known as pre-FIRM buildings), this is the only grandfathering option when they are mapped into a high-risk area. Structures built after the community's first flood map was issued (post-FIRM) have two opportunities to lock in the flood zone (or Base Flood Elevation, BFE):

1. You can purchase a policy before the new maps take effect,

       or

2. You can use the grandfather rule if you have proof that your home was built in compliance with the flood map that was in effect at the time of construction-your insurance agent can help produce the necessary documentation.

Note that in some cases, the new flood map may actually result in a lower premium than what grandfathering applies.

Be sure to have your insurance agent check all options available or Call: 888-567-9600

Please see our: Flood Zones and Flood Maps Explained for more information on these topics.

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