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If property ownership changes hands, is the new owner granted the remainder of the two-year PRP eligibility extension?
Yes, a new owner is granted the remainder of the two-year PRP eligibility extension if property ownership changes hands during the two years following the effective date of a map revision.
Back to Frequently Asked Questions: Preferred Risk Policy (PRP) Eligibility Extension
PRIMARY RESIDENCE DISCLAIMER
For flood insurance rating purposes, a primary residence is a building that will be lived in by the insured or the insured's spouse for at least 80 percent of the 365 days following the policy effective date. If the building will be lived in for less than 80 percent of the policy year, it is considered to be a non-primary residence.
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