How to Save Money with the Grandfather Rule
If a new Flood Insurance Rate Map (FIRM) shows your high-risk property is at a greater risk for flooding
than shown on the previous map, your flood insurance rates will likely change. In general, flood
insurance rates for higher-risk areas are higher, but there are ways to save money with the NFIP
Structures built after the community's first flood map was issued (post-FIRM) have two opportunities to
lock in the flood zone or Base Flood Elevation for insurance rating purposes:
- You can purchase a policy before the new maps take effect, or
- You can use the Grandfather Rule if you have proof that your home was built in compliance with the
flood map that was in effect at the time of construction. Your insurance agent can help produce the
Structures built before the communityâs first flood map was issued (pre-FIRM) must have a policy in place
before the new map takes effect to qualify for grandfathering.
In some cases, using the new flood map to rate your policy may actually result in a lower premium than
what grandfathering applies. Be sure that your insurance agent checks all options.
Learn more about what happens when maps
Mapped from a high-risk area into a moderate- to low-risk area? Discover how converting
policy can save you money and keep you financially protected.
Mapped from a moderate- to low-risk area into a high-risk area? Discover how the Newly Mapped
procedure can save you money and keep you financially protected.
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