Overview



Changes in Flood Insurance Requirements That Could Affect You Monthly payments may increase, new flood zone maps may include your home or business even if they were not on current maps.

Flood insurance premiums are expected to rise.   A new law intended to strengthen the National Flood Insurance Program (NFIP) makes several changes to the way flood insurance premiums are calculated. These changes may increase your monthly mortgage payment. Contact your lender to find out if these changes will affect you.

Certain events will cause an immediate increase in flood insurance premiums. The loss of subsidies and grandfathered status will be phased out over a four or five-year period. However, your rates will immediately increase to full-risk rates if you allow a flood insurance policy to lapse. If you buy a property in a flood zone you will pay full-risk rates immediately.

Flood zone maps are changing throughout the country. Even if you don’t have to have flood insurance now, you may be required to have it under the new maps. That means buildings might now be in a flood zone that weren’t before, or they may now be in a higher-risk zone.The Federal Emergency Management Agency (FEMA) is updating maps throughout the country to reflect current flood risk. To see if your home’s flood zone may change, visit http://www.floodsmart.gov/floodsmart/pages/flooding_flood_risks/map_update_schedule.jsp.    

Tips to reduce your risk and save money:

To learn more about NFIP visit their website at floodsmart.gov. Contact your insurance agent for more information on how Biggert-Waters may affect your premium.