When will eligible existing policyholders be notified of the two-year PRP eligibility extension?
FEMA is requiring that existing policyholders be notified of their potential PRP eligibility at least 90 days prior to policy expiration by their flood insurance carrier. Consequently, some policyholders will be receiving notices as early as October 1, 2010.
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.