What will happen if the new flood hazard map shows my house in a high-risk flood hazard area rather than a low- or moderate-risk area as shown on the previous flood hazard map?
If the new maps—once adopted—indicate your house is now at a higher risk for flooding, you will be required to purchase a flood insurance policy if you carry a mortgage from a federally regulated 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, the chance of having a flood that damages your house is nearly three times greater than having a fire. Most homeowners insurance policies do not provide coverage for damage due to flooding. If your house is shown in a high-risk area on the new map, there are lower-cost flood insurance options available through the National Flood Insurance Program (NFIP) “grandfathering” rule. An explanation of the grandfathering rule and other information is accessible through the FEMA Library to help you determine if you qualify; you should also verify your findings with your insurance agent.
Related Questions
- What will happen if the new flood hazard map shows my house in a high-risk flood hazard area rather than a low- or moderate-risk area as shown on the previous flood hazard map?
- What will happen if the new map shows my home in a low- or moderate-risk area rather than a high-risk area as shown on the previous flood hazard map?
- If my house is located in a low risk area on the flood map such as zones B, C, or X, can I purchase flood insurance?
