New Flood Maps Affect Insurance

As a part of the National Flood Insurance Program, The Federal Emergency Management Agency or FEMA is modernizing all their flood maps which can impact flood insurance for homeowners. The entire project is costing six million dollars and FEMA is paying the most of the bill.

Once the project is complete the new maps will show where the high risk flood areas are to assist homeowner and developers when it comes to building. Emergency preparedness and response will also be assisted by these new maps. Perhaps the most negative impact is on the flood insurance rates due to these new maps.

As a result of the maps individuals may find themselves required to purchase flood insurance despite having built in a place that was determined out of the flood plain earlier. Although some may get good news if their home is determined to not be a previously determined flood zone so that they can drop their flood insurance if they want.

The previous flood zone maps graded in one of three levels based on the possibility of a one hundred year flooding striking in the specific area. The first flood zone maps were mandated in 1971 and 1972. However, these old maps were not very accurate and the new flood zone maps will be increasingly accurate through the use of GPS mapping.