FEMA has announced multiple amendments to the National Flood Insurance Program (NFIP) that become effective April 1, 2019 and January 1, 2020.
Some notable topics addressed by the agency include:
- Declarations page requirement related to clear communication of risk; and
- Primary residence guidance
For policies effective on or after April 1, 2019, FEMA is requiring the following statement on the Policy Declarations page: “Refer to www.fema.gov/cost-of-flood for more information about flood risk and policy rating.”
In addition, for the purposes of assessing the HFIAA Surcharge, FEMA’s occupancy guidance will soon permit a 2-4 Family building to be a primary residence. The policyholder must provide evidence that demonstrates that the building is a primary residence.
For complete details on all the upcoming changes, review NFIP Memorandum W-18021a here.
Proctor will continue to monitor this topic and provide updates as they develop.