Flood Insurance Manual: October 1, 2012
The NFIP Flood Insurance Manual is revised twice a year – in May and October. This year’s October changes include updates to the Reference, General Rules, Rating, Condominiums, Preferred Risk Policy, and Severe Repetitive Loss Properties sections, among others.
The General Rules section now stipulates that, in order to avoid a 30-day waiting period, borrowers who are required to purchase flood insurance must obtain coverage within 60 days of the date of the lender’s letter requiring the insurance.
The Cancellation/Nullification section in particular saw significant changes, with updates to the cancellation rules and the new signature requirement for cancellation requests. In addition, the CRS section contains a brand-new CRS Premium Discount Eligibility table as well as updates to the Community Rating System Eligible Communities list.
October 2012 Flood Insurance Manual
For more information about the National Flood Insurance Program (NFIP)
For more information about the Federal Emergency Management Agency (FEMA)