A major effort is under way to update the Nation’s Flood Insurance Rate Maps (FIRMs), including remapping of the Atlantic, Gulf of Mexico, Great Lakes, and Pacific coasts. When new maps show changes in flood risk, flood insurance requirements for property owners also can change.
When New Flood Maps Will Affect Your Community
Remapping can generate community-wide interest—and lots of questions for you. You will want to stay informed about when your community is due for a flood map update, review the preliminary flood maps when they’re released, and let your flood insurance clients know about any upcoming changes.
Discussing Flood Map Changes
Do you have clients or prospects who were newly mapped into a high-risk Special Flood Hazard Area (SFHA)? The Newly Mapped procedure offers potential savings. Mapped from Zone AE to VE or an increase in their Base Flood Elevation (BFE)? Grandfathering can lower flood insurance premium rates. Mapped out of the SFHA? They’re still at risk, and converting their flood insurance policy to a PRP might save them money.