IF COMMUNITIES ADOPT AND UTILIZE THE ADVISORY BASE FLOOD ELEVATIONS, HOW WILL IT AFFECT THEIR CITIZENS FLOOD INSURANCE POLICIES?
Since the remapping process generally takes a minimum of two years from the inception of the restudy until new FIRMs become effective, the flood insurance policies in your community will continue to be rated using the zones and flood elevations on the current effective FIRM. Additionally, communities that participate in the NFIP’s CRS can apply for more credit points based on their adoption of standards higher than the NFIP’s minimum requirements. This can result in additional premium discounts for all policyholders in the community.
Related Questions
- IF COMMUNITIES ADOPT AND UTILIZE THE ADVISORY BASE FLOOD ELEVATIONS, HOW WILL IT AFFECT THEIR CITIZENS FLOOD INSURANCE POLICIES?
- ARE THERE ADDITIONAL REQUIREMENTS THAT COMMUNITIES SHOULD CONSIDER ADOPTING BESIDES THE ADVISORY BASE FLOOD ELEVATIONS?
- IF BUILDINGS ARE CONSTRUCTED IN COMPLIANCE WITH THE ADVISORY BASE FLOOD ELEVATIONS, HOW WILL THAT AFFECT THEIR PREMIUMS?
