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#2238084 - 06/15/20 05:22 PM Grandfathering Provision
TeamComply Offline
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Joined: Aug 2016
Posts: 442
Regarding the grandfathering provision - on a Pre-FIRM building is there still a grace period of 2 years from date of re-mapping to obtain flood insurance at the preferred rate?

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Flood Compliance
#2238106 - 06/15/20 07:31 PM Re: Grandfathering Provision TeamComply
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 78,570
Galveston, TX
For eligibility for a newly mapped rate:

3. FIRM Revision Date versus Policy Effective Date

Properties newly mapped into the SFHA after April 1, 2015, are eligible for the Newly Mapped rating procedure if the policy effective date is either:

• Within 12 months of the effective FIRM revision date; or

• Within 45 days of initial lender notification if the notification occurred within 24 months of the effective FIRM revision date. Note: The insurer must retain a copy of the lender notification in the underwriting file.
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