![]() Rates will then go up no more than 18% each year until they reach a standard Zone X rate, or the rate based on the new flood map, whichever is cheaper. With this option, property owners who buy a policy within the first 12 months after a new map becomes effective are eligible for the lower-cost Preferred Risk Policy (PRP). The National Flood Insurance Program (NFIP) offers a cost-saving flood insurance rating option called the Newly Mapped Procedure. ( Spanish Version). If your home or business is newly identified as being in a high-risk flood area, most lenders must require you to carry flood insurance. Check the different scenarios below, which include your options for reducing any financial impacts. If you find that your flood risk has changed, it is important to know how that change may affect your requirement for and cost of flood insurance. Some may now be required to carry flood insurance, while others will no longer have to. When flood maps are updated, some residents and business owners may find that their property's flood risk is higher or lower than before. ![]()
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