What is the Grandfathering Rule and how can it help me?
The NFIP has grandfathering rules to recognize policyholders who complied with the flood map in place at the time of construction or who maintain continuous flood insurance coverage. These rules allow such policyholders to maintain a lower premium rating for their building even if their property changes to a high-risk designation when maps are redrawn. However, property owners should always use the new map if it will provide you with a more favorable premium. Property owners who do not currently have flood insurance, but who believe they will be required by the final maps to purchase insurance, can benefit from the grandfathering rule by locking in a lower insurance rate BEFORE the new FIRMs become effective and regulatory on October 16, 2009. To be eligible for grandfathering rates, you must buy flood insurance by October 15, 2009. .
The NFIP has grandfathering rules to recognize policyholders who complied with the flood map in place at the time of construction or who maintain continuous flood insurance coverage. These rules allow such policyholders to maintain a lower premium rating for their building even if their property changes to a high-risk designation when maps are redrawn.
