Flood zone ratings for many homes that were previously considered low risk has recently been changed to being considered a high risk flood zone. There are many homeowners across the nation who find that their homes are in this position. When the home was built there was a flood rating of low to moderate risk in place. Now the new flood maps are out and are rating the home in a high risk flood zone. Has your home moved? No.
FEMA has launched a flood map modernization program. With this program, the standards for levee protection have been changed on a national basis. Many areas across the state and the nation are being moved to the high risk flood zone ratings. Does this mean that consumers' flood insurance policies will be higher? Yes. It is important that consumers are educated about proper rating of flood insurance policies. This way they can ensure that they are not over-paying for their flood insurance.
If homeowners have carried a continuous flood insurance policy, then the policy will remain on a preferred flood insurance rating platform even after the flood zone change. As long as the policy holder is renewing the policy they will not have much to do. If they have not carry a policy and need to purchase one this is what they need to know. As long as when the home was built or when the last substantial improvements were done the flood map that was in place rated you home as low risk flood zone then I have good news.
The policy can still be rated on a regular tier but your home will be considered to be grandfathered in for being built in compliance. This will keep the premiums low on the policy and the homeowner will not need to get an elevation certificate.