Preferred Risk Policy (PRP)

A lower-cost Standard Flood Insurance Policy (SFIP) written under the National Flood Insurance Program’s (NFIP) Dwelling Form or General Property Form. It offered fixed combinations of building/contents coverage limits or contents-only coverage. The NFIP used to offer a Preferred Risk Policy (PRP) for a property located in B, C and X Zones in Regular Program communities that meets eligibility requirements based on the property’s flood loss history. It used to be available for buildings that are eligible under the PRP Eligibility Extension.