FEMA Proposing New NFIP Forms

The Federal Emergency Management Agency issued a proposed rulemaking to revise the National Flood Insurance Program’s standard flood insurance policy by adding a new homeowner flood form and five accompanying endorsements.

The new form would replace the dwelling form as a source of coverage for homeowners of one- to four-family residences. The proposed new form is designed to provide a more personalized, customizable product; offer more choices to policyholders; add flexibility directly into the policy terms; and allow for a single deductible rather than multiple deductibles.

FEMA has requested comments by April 8, and NAMIC would be interested in working with any interested members in providing comments.