WHAT WILL HAPPEN IF MY PROPERTY IS PLACED IN A SPECIAL FLOOD HAZARD AREA (100-YEAR FLOODPLAIN) ON OCTOBER 16, 2009?
If the new FIRMs once they become effective (regulatory) on October 16, 2009 indicate the building on your property is now located in a Special Flood Hazard Area (an A Zone), you will be required to purchase flood insurance if you carry a mortgage from a federally-insured lender. If you do not have a mortgage, it is still recommended that you purchase flood insurance. Over the life of a 30-year loan, there is about a 3 times greater chance of having a flood in your home than having a fire. Most homeowners insurance policies do not provide coverage for damage due to flooding. If your property is placed into an A Zone, there are lower-cost options available through the National Flood Insurance Program (NFIP) grandfathering rule. Please note that the lower grandfathered rates are only available if you buy insurance BEFORE the new FIRMs become effective and regulatory on October 16, 2009. To be eligible for grandfathering rates, you must buy the flood insurance by October 15, 2009 .
Related Questions
- WHAT WILL HAPPEN IF MY PROPERTY IS PLACED IN A SPECIAL FLOOD HAZARD AREA (100-YEAR FLOODPLAIN) ON OCTOBER 16, 2009?
- Can I buy flood insurance for my property if the property is not in a Special Flood Hazard Area (SFHA)?
- WHAT HAPPENS WHEN A PROPERTY IS PLACED IN A SPECIAL FLOOD HAZARD AREA (100-YEAR FLOODPLAIN)?
