I have heard that the length of a Preferred Risk Policy is being extended from 1 year to 2 years. Is that true?
Yes, for policies effective on or after January 1, 2011, FEMA is extending the Preferred Risk Policy from 1 year to 2 years, following the effective date of a map change for buildings newly included in Special Flood Hazard Areas (SFHAs). The following conditions apply for the extended eligibility: Buildings that are newly designated within an SFHA due to a map revision on or after January 1, 2011, will be eligible for a Preferred Risk Policy for 2 years from the effective date of the map revision. Buildings that were newly designated within an SFHA due to a map revision on or after October 1, 2008, and before January 1, 2011, are eligible for a Preferred Risk Policy for 2 years. Property owners affected by these previous map revisions will be eligible for the Preferred Risk Policy for the 2 years effective between January 1, 2011, and December 31, 2012. Buildings meeting the above requirements must also meet the Preferred Risk Policy loss history requirements. If there are two claims o
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