How might the new flood hazard map affect me financially?
If your house is shown in a high-risk SFHA when the new map is officially adopted and becomes effective, and you have a mortgage with a federally regulated lender, you will be required to purchase flood insurance if you do not already have a policy. If your house is shown in a low- or moderate-risk area, you are not required by the Federal Government to purchase or maintain insurance, but are strongly encouraged to do so. Also, your lender does retain the prerogative to require flood insurance for houses located outside the mapped SFHA. Please remember that the cost of properly protecting your house and contents from flood damage is far less than the cost to repair or replace them after a flood has occurred. Through the NFIP, coverage can often be obtained at significant savings. The average cost for a flood insurance policy is around $500 per year. Further, homeowners may qualify for a PRP that covers both a structure and its contents for as little as $112 per year. Coverage for rente
