DO NOT WAIT UNTIL THE NEW MAPS ARE IN PLACE TO DETERMINE ITS IMPACT
ON YOU AND YOUR HOME
UNDERSTANDING THE PROGRAM IS IMPORTANT -
UNDERSTANDING ITS IMPACT TO YOUR HOME/PROPERTY IS CRUCIAL
Mandatory insurance is required if your home is placed in a Special Flood Hazard Area and the loan is government insured (i.e. created by a federal-regulated lender). Determining the age of your home, its lowest floor, use of venting, etc. may qualify a borrower for lower premiums, a Preferred Risk Policy or grandfathered rates.
ANY FLOOD DETERMINATION CAN BE DISPUTED, BUT IT IS YOUR RESPONSIBILITY AS A PROPERTY OWNER TO PROVE A MAP ERROR. THIS CAN ONLY BE DONE WITH TECHNICAL DATA.
Initial flood determinations are usually made by HORIZONTAL scaling only from the flood maps. The maps are drawn to a very large scale and errors do exist for many reasons and may still exist on the new DFIRMs. The National Flood Insurance Program understands this and allows for formal challenges; to make any changes, the NFIP requires the collection of technical data to support your claim. This is often done with the use of an Elevation Certificate and either a Letter of Map Amendment or a Letter of Map Revision – Fill. A Professional Land Surveyor can help you with the preparation of these documents.
BE PROACTIVE – IF THE NEW MAPS CHANGE YOUR FLOOD RISK, YOUR PREMIUM WILL BE IMPACTED:
1) IF YOUR HOME IS NOT CURRENTLY IN A SPECIAL FLOOD HAZARD AREA (SFHA) BUT WILL BE PLACED IN A SPECIAL FLOOD HAZARD AREA WHEN THE NEW MAPS BECOME EFFECTIVE (Zone C, B, or X To Zone A or V).
2) IF YOUR HOME IS CURRENTLY IN A SPECIAL FLOOD HAZARD AREA AND THE NEW MAPS WILL PLACE YOUR HOME IN A HIGHER RISK SPECIAL FLOOD HAZARD AREA (Zone A To V).
3) IF YOUR HOME IS CURRENTLY IN A SPECIAL FLOOD HAZARD AREA AND THE NEW MAPS WILL PLACE YOUR HOME IN A LOWER RISK SPECIAL FLOOD HAZARD AREA (Zone V To A).
4) IF YOUR HOME IS CURRENTLY IN A SPECIAL FLOOD HAZARD AREA AND THE NEW MAPS WILL REMOVE YOU FROM A SPECIAL FLOOD HAZARD AREA AND PLACE IT IN A LOW TO MODERATE FLOOD RISK ZONE (Zone A or V To Zone C, B, or X).
IMPORTANT NOTE: 25% of all flood insurance claims happen outside a Special Flood Hazard Area. EVERY home is prone to flood damage, from: storms, design errors, improper uses of the watershed, lack of vegetation, improper permitting, map errors, etc.
KNOW YOUR RISK BEFORE THE NEW FLOOD MAPS ARE IN PLACE!