FEMA Announces the Release of the New NFIP Flood Insurance Manual

FEMA released an updated Flood Insurance Manual (FIM) last month, which supersedes the previous FIM. The FIM is a resource for insurance professionals working with FEMA to close the insurance gap.

The redesigned FIM’s goal is to make flood insurance issues and National Flood Insurance Program (NFIP) processes more understandable. Changes in the new manual include:

• The expanded Newly Mapped rating eligibility (effective October 1, 2018), appears in the How to Write section.
• FEMA added Cancellation Reason Code 26 to the How to Cancel section to allow termination of an NFIP policy when a policyholder has obtained a duplicate policy from another source.
• Notification requirements of Preferred Risk Policy Eligibility for certain cancellation reasons appear in the appropriate cancellation reasons within the How to Cancel section.

Independent Insurance Agents of Virginia