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The National Flood Insurance Program (NFIP) is a voluntary program in which participating communities adopt and enforce a set of minimum floodplain management requirements to reduce future flood damages. Property owners in participating communities may purchase NFIP flood insurance. This rule revises the Standard Flood Insurance Policy by adding a new Homeowner Flood Form and five endorsements to replace the Dwelling Form as a source of coverage for homeowners of one-to-four family residences. This new Form better aligns with property and casualty homeowners insurance and provide increased options and coverage in a more user-friendly and comprehensible format. 

FEMA conducted robust public engagement sessions prior to initiating this rulemaking.  In 2019, FEMA met with flood coordinators and senior flood staff from several Write-Your-Own companies to solicit their thoughts and reactions, and FEMA incorporated their suggestions into the draft Homeowner Flood Form and endorsements.  After those interactions, FEMA met in-person with several Write-Your-Owns, including Wright Flood, Allstate, Selective, and USAA.  The feedback FEMA received was generally positive.  One of the Write-Your-Owns complimented FEMA’s approach on expanding coverage for cryptocurrency.  Another Write-Your-Own provided invaluable insight from the agent perspective which allowed FEMA to better understand what occurs at the point of sale.  After these meetings, FEMA met with a broad array of flood coordinators in a policy forms workshop which included Allstate, American National, ASI, Assurant, Autoclub, Auto Owners, Bankers, Farmers, Hartford, NFIP Direct, Wright, among others.  FEMA further incorporated feedback received and began this rulemaking effort.