FEMA Primary Residence Definition for Insurance Rating Status May Be Changing

Wow, stumbled across this, trying to check it out further. If anyone out there has any information please let me know:

First Source Flood Direct on Facebook, an Amityville NY flood insurance provider.

Second source found by an internet search.

Third source the link found on the second source.  From a rate point of view, I think the following is most important:

Section 100205 of BW-12 requires FEMA to phase out Pre-FIRM subsidized rates for nonprimary residences. On January 1, 2013, the NFIP began implementing this provision using an 80-percent occupancy threshold. Effective June 1, 2014, the NFIP will implement this provision by defining primary residence to be a building that will be lived in by the insured or the insured’s spouse for more than 50 percent of the 365 days following the policy effective date.

Advertisements

One thought on “FEMA Primary Residence Definition for Insurance Rating Status May Be Changing

  1. Pingback: FEMA Primary Residence Definition for Insurance Rating Status Changing June 1, 2014 | Town of Dennis, MA Planning Dept. Weblog

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s