FEMA releases new PRP materials for 2013.
|Eligibility for lower-cost preferred risk rates is giving some temporary rate relief to owners of properties recently mapped in high-risk zones.
As of Jan. 1, the Federal Emergency Management Agency is continuing to make the preferred risk policy available for properties mapped in since Oct. 1, 2008. The PRP eligibility option will continue until FEMA completes an analysis of premium rates put in place by the Biggert-Waters Flood Insurance Reform Act of 2012.
Refer to these resources regarding preferred risk policies; the brochures have been updated recently to include the January 2013 rates:
An important part of the PRP is the savings for your clients. A homeowner without basement would pay $427 for $200,000 in building coverage and $80,000 in contents coverage for a PRP. In comparison, the homeowner would pay $1,584 for the standard-rated X zone.
This is just one of many updates that are from Biggert-Waters 2012. Get all of the latest information from Big “I” Flood, which has created a page dedicated to the Bigger-Waters 2012 changes that you can bookmark and check frequently.
Email any questions and partner with Big “I” Flood “in, above and outside of the NFIP!”
Andrew McElhannon is the Member Services Coordinator for the Independent Insurance Agents of Georgia www.iiag.org, and can be contacted at: firstname.lastname@example.org or b y phone at 770-458-0093, x.110, or 800-878-6487.