Yes. Though participating communities are required to adopt the most current Flood Insurance Rate Map (FIRM), communities are free to regulate to higher standards than the flood hazard information shown on the latest FIRM.
In building code terms, this means adopting a design flood greater and higher than that which is shown on FEMA's latest flood map. Some communities take new maps with lower Base (1-%-annual-chance) Flood Elevations (BFEs) as an opportunity to require freeboard, without requiring buildings to be elevated higher than has been customary. By maintaining locally-required building elevations at or near prior BFEs, property owners may be eligible to receive substantial flood insurance premium discounts, both individually and as a community.