User:WikiAdmin/sandbox: Difference between revisions
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| - Building constructed '''before the community’s FIRM effective date'''. | | - Building constructed '''before the community’s FIRM effective date'''. | ||
- Discount '''lost if lapse in coverage'''. | - Discount '''lost if lapse in coverage'''. | ||
| | |3-3 | ||
|- | |- | ||
| | | | ||
| - '''Substantial improvements or damage repairs''' exceeding 50% of market value. | | - '''Substantial improvements or damage repairs''' exceeding 50% of market value. | ||
- '''Change in occupancy''' or use. | - '''Change in occupancy''' or use. | ||
| | |3-4 | ||
|- | |- | ||
| | | | ||
| - '''Switching WYO carriers''' post-Risk Rating 2.0 implementation. | | - '''Switching WYO carriers''' post-Risk Rating 2.0 implementation. | ||
| | |3-5 | ||
|- | |- | ||
|'''Newly Mapped Discount''' | |'''Newly Mapped Discount''' | ||
| - Property '''must have been in a non-Special Flood Hazard Area''' before reclassification. | | - Property '''must have been in a non-Special Flood Hazard Area''' before reclassification. | ||
| | |3-6 | ||
|- | |- | ||
| | | | ||
| - Discount '''only available within 12 months of flood map change'''. | | - Discount '''only available within 12 months of flood map change'''. | ||
- '''Lapse in coverage''' cancels discount. | - '''Lapse in coverage''' cancels discount. | ||
| | |3-7 | ||
|- | |- | ||
| | | | ||
| - '''Non-compliance''' with NFIP building standards. | | - '''Non-compliance''' with NFIP building standards. | ||
| | |3-7 | ||
|- | |- | ||
|'''Annual Increase Cap''' | |'''Annual Increase Cap''' | ||
| - '''No lapse in coverage''' allowed. | | - '''No lapse in coverage''' allowed. | ||
- '''Primary use of building''' cannot change. | - '''Primary use of building''' cannot change. | ||
| | |3-8 | ||
|- | |- | ||
| | | | ||
| - '''Substantial improvement or reconstruction''' triggers full-risk rating. | | - '''Substantial improvement or reconstruction''' triggers full-risk rating. | ||
| | |3-9 | ||
|- | |- | ||
| | | | ||
| - '''Transferring to a different WYO carrier''' may impact rate increases. | | - '''Transferring to a different WYO carrier''' may impact rate increases. | ||
| | |3-9 | ||
|- | |- | ||
|'''Real Estate Transaction''' | |'''Real Estate Transaction''' | ||
| - '''No prior NFIP policy''' on the property. | | - '''No prior NFIP policy''' on the property. | ||
- '''Not purchased within the last 12 months'''. | - '''Not purchased within the last 12 months'''. | ||
| | |3-10 | ||
|- | |- | ||
| | | | ||
| - Prior policy '''rated using a legacy method''' not applicable under Risk Rating 2.0. | | - Prior policy '''rated using a legacy method''' not applicable under Risk Rating 2.0. | ||
| | |3-11 | ||
|- | |- | ||
| | | | ||
| - '''Change in occupancy or use''' (e.g., primary residence to rental). | | - '''Change in occupancy or use''' (e.g., primary residence to rental). | ||
- '''Lapse in coverage''' by prior owner. | - '''Lapse in coverage''' by prior owner. | ||
| | |3-11 | ||
|} | |} | ||
Revision as of 14:26, 19 February 2025
| Discount Type | Eligibility Rule | FIM Page |
|---|---|---|
| Pre-FIRM Discount | - Building constructed before the community’s FIRM effective date.
- Discount lost if lapse in coverage. |
3-3 |
| - Substantial improvements or damage repairs exceeding 50% of market value.
- Change in occupancy or use. |
3-4 | |
| - Switching WYO carriers post-Risk Rating 2.0 implementation. | 3-5 | |
| Newly Mapped Discount | - Property must have been in a non-Special Flood Hazard Area before reclassification. | 3-6 |
| - Discount only available within 12 months of flood map change.
- Lapse in coverage cancels discount. |
3-7 | |
| - Non-compliance with NFIP building standards. | 3-7 | |
| Annual Increase Cap | - No lapse in coverage allowed.
- Primary use of building cannot change. |
3-8 |
| - Substantial improvement or reconstruction triggers full-risk rating. | 3-9 | |
| - Transferring to a different WYO carrier may impact rate increases. | 3-9 | |
| Real Estate Transaction | - No prior NFIP policy on the property.
- Not purchased within the last 12 months. |
3-10 |
| - Prior policy rated using a legacy method not applicable under Risk Rating 2.0. | 3-11 | |
| - Change in occupancy or use (e.g., primary residence to rental).
- Lapse in coverage by prior owner. |
3-11 |