Below is a brief summary of the National Flood Insurance Program (NFIP) changes  effective October 1, 2009.  For more information regarding these changes please refer to the following links  www.nfipiservice.com/nfip_docs.html,   www.fema.gov/business/nfip,  or www.floodsmart.gov or feel free to contact DeLong Associates directly.

Rates: Premiums will increase an average of 8% for policies written or renewed on or after  October 1, 2009. The extent of the rate increase varies by zone. The preferred policy premium rates will remain the same.

Deductibles:  The $500 deductible option will be eliminated for all policies and replaced with deductibles as noted below.  Existing policies impacted by the deductible changes will be adjusted at the policy renewal date to $1,000.  Insured Renewal Notices will note these changes on policies written with National Flood Services.                                                              

    The standard deductible increases from $500 to $1,000 for post-FIRM properties.

    The standard deductible increases from $1,000 to $2,000 for pre-FIRM properties.

    The deductible for preferred risk (non-SFHA) increases from $500-$1000 for all properties.

Policy Limits: The regular program basic insurance limits will be increasing for all categories of building and contents coverage as follows:

     1-4 Family Dwelling Building Coverage: Basic limit increases from $50,000 to $60,000.          RCBAP Low Rise also increases from $50,000-60,000.

     Other Residential and Non-Residential Building Coverage: Basic limit increases from $150,000 to $175,000.  Also High Rise increases from $150,000-175,000.

     Residential Contents Coverage: Basic limit increases from $20,000 to $25,000 and RCBAP from $20,000 to $25,000.

     Non-Residential Contents Coverage: Basic limit increases from $130,000 to $150,000.

Presentment of Premium: Premium date requirements are clarified.

Application/ Form Changes: There are a few application and form changes regarding the source of the construction date; the building use type, additional foundation types and additional building diagrams.   See refer to revised flood request form.

Paper flood maps will no longer be available after October 1, 2009.  A single paper flood map and flood insurance study (FIS) will be provided to each newly mapped community. Current and historic maps can be accessed by visiting FEMA’s Map Service Center.

FEMA has issued new elevation certificate and non residential flood proofing certificate forms which will become mandatory April 1, 2010.