The fine folks over at Colorado State’s Natural Hazards Center have a neat summary of the National Flood Insurance Program’s Preferred Risk Policies program in their monthly newsletter.
The short version? Property owners who find themselves newly mapped into high risk flood areas now have up to two years to apply for a Preferred Risk Policy (PRP). If they qualify, property owners will be able to pay their old rates for two years after the map’s change date before they’ll be required to pay standard premiums. FEMA hopes this will ease people’s stress as property owners can anticipate their higher expenses and budget accordingly.
Map changes are nearly alway difficult, but perhaps this will help? What do you think? Will this make new maps go over better in your community?
Learn all about the PRP on the FEMA “Preferred Risk Policy Eligibility Extension” fact sheet (PDF).
(Via the Natural Hazards Center Newsletter)