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Frequently asked questions |
When the new maps are adopted, your flood insurance requirements may change. The following table shows how changes to the preliminary Flood Insurance Rate Maps may affect your insurance requirements and what options or cost-savings may apply.
| If maps show… | These requirements, options and savings apply |
| Change from low or moderate flood risk to high risk | Flood insurance is mandatory. Flood insurance will be federally required for most mortgage holders. Insurance costs may rise to reflect the true (high) risk.
Grandfathering offers savings. The National Flood Insurance Program (NFIP) has “grandfathering” rules to recognize policyholders who have built in compliance with the flood map or who maintain continuous coverage. An insurance agent can provide more details on how to save. |
| Change from high flood risk to low or moderate risk |
Flood insurance is optional, but recommended. The risk has only been reduced, not removed. Flood insurance can still be obtained, at lower rates. Twenty-25 percent of all flood insurance claims come from low- to moderate-risk areas. Conversion offers savings. An existing policy can be converted to a lower-cost Preferred Risk Policy. |
| No change in risk level | No change in insurance rates. Property owners should talk to their insurance agent to learn their specific risk and take steps to protect their property and assets. |
Most homeowners insurance policies do not cover flood damages. That is why FEMA encourages you to maintain flood insurance coverage, even if you are not required to do so by law. The good news is that you may qualify for coverage options that save money while still protecting your property.
Through the National Flood Insurance Program, coverage can often be obtained at significant savings. The average cost for a flood insurance policy is around $500 per year. You may qualify for a Preferred Risk Policy for as little as $112 per year. Coverage for renters starts at just $39 a year.
