This issue covers National Flood Insurance Program (NFIP) changes effective October 1, 2018. The changes apply to new business, renewals, endorsements and cancellations effective October 1, 2018; premium changes for Preferred Risk Policies (PRPs) and Newly Mapped procedure policies will be effective January 1, 2019. Changes noted will require modifications to the NFIP Flood Insurance Manual, the Transaction Record Reporting and Processing (TRRP) Plan, and the Edit Specifications document. Highlights of the program changes effective October 1, 2018 are summarized in the following three chapters.
Be sure to refer to WYO Memorandum #18008 and the NFIP Flood Insurance Manual for official policy information and guidelines.
Preferred Risk Policies (PRPs)
A lower-cost Standard Flood Insurance Policy (SFIP), written under the Dwelling Form or General Property Form. It offers fixed combinations of building/contents coverage limits or contents-only coverage.
Newly Mapped
A property that was once designated outside of the Special Flood Hazard Area (SFHA) on an effective Flood Insurance Rate Map (FIRM), and following a map revision, is designated within the SFHA.
Summary of October 2018 Changes