PREFERRED RISK POLICY EXTENSION PROVIDES COST-SAVINGS OPTION
Flood risks can, and do, change over time due to community development, aging flood control structures, erosion, and other factors. As Georgia’s flood maps are updated, some property owners have learned that their risk of flooding has increased and that their property has been newly mapped into a high-risk area. These areas are shown on the flood maps as zones beginning with the letter “A” or “V” and are called Special Flood Hazard Areas (SFHAs). This can mean new, mandatory flood insurance purchase requirements; however, the National Flood Insurance Program (NFIP) offers a cost-saving option. If your property was newly mapped into a high-risk flood zone on or after October 1, 2008, you still may be eligible for the lower-cost Preferred Risk Policy (PRP).
Who is eligible?
- To be eligible for the PRP, your building must meet certain loss-history requirements. If there have been two disaster relief payments, or claims for flood losses of $1,000 or more, or three losses of any amount, you cannot obtain a PRP.
- If you are the owner of a building that meets the loss history requirements and was newly mapped into a high-risk flood zone (shown on a flood map as a zone beginning with the letter "A" or "V") since October 1, 2008, you are eligible to purchase or renew a PRP.
- The PRP Extension rating option will continue until FEMA completes its analysis and implementation of premium rate revisions put in place by the Biggert-Waters Flood Insurance Reform Act of 2012.