Feb 28
New Maps Redefine FEMA Flood Zones
The Federal Emergency Management Agency has been reassessing all the U.S. maps on file to determine new flood-prone areas. This is a huge undertaking because for some areas, the data hasn’t been reviewed for more than 20 years.
The nationwide increase in real estate development means millions of homes could potentially be affected by the new zoning. The good news is that all the maps will now be available online for the first time. So it’s easier than ever to see if your home could be situated in a risky location. Just visit www.fema.gov and they’ll tell you all about it.
Keep in mind, though, that if you are in a new flood-prone area your homeowners policy does NOT cover damages from water originating outside of your home. Flood insurance is the answer. Your agent can sign you up right away, and if you’re adding coverage as a result of the new zoning you’ll only have to wait 1 day, instead of the usual 30, for coverage to take effect. Rates start around $300 per year for low-risk areas, or up to $2,500 if you’re in a designated flood zone. Coastal properties represent the largest risk, and rates there can easily double.
If you’re not sure whether flood insurance is right for you, just check out www.floodsmart.gov for their interactive demo detailing the cost of damages for only a few inches of water filling your home.
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February 29th, 2008 at 1:07 pm
What, exactly, would lead to the fed not reviewing certain flood zones for TWO DECADES? That is scary. Flood insurance is too important for people who live in those areas, and it doesn’t even always cover losses. Ask some of the people in New Orleans.
Jerry<