Message from Jim
Do you fear that your perceived flood risk may change due to a flood map change, or are you worried mandatory flood insurance will impact the sale or value of your property? Good news! Becoming pro-active pertaining to flood risk is always a wonderful first step to take in hopes of minimizing the impact of a map change.
First of all, acquiring specific elevations within and around your structure in relation to the Base Flood Elevation, or water level of an adjacent unnumbered A zone, generates important data which often creates a sound strategy to lessen the impact of a map change. The Elevation Certificate aids in determining if a map challenge to remove the mandatory flood insurance premium is a worthy option to consider. Building modification or compliant placed fill can also prove very beneficial in the process of lessening the impact of a map change.
"Grandfathering" allows for a property owner to lock into a previous flood zone or Base Flood Elevation, but coverage must be continuous. "Grandfathering – Built in Compliance" does not require continuous coverage, but does require proof to the carrier. Age of construction, timing, and change of risk have much importance in the grandfathering process, so speaking with a qualified flood insurance agent is highly recommended.
The Newly Mapped Procedure applies to properties newly mapped into a Special Flood Hazard Area (Zones A or V) from Zones B, C, X, D, AR, and A99 zones, for policies previously issued under the Preferred Risk Policy (PRP) Eligibility Extension, and may even be eligible to receive a preferred risk premium for the first year after a map change.
If you currently have a policy, maintain continuous coverage. If you do not and your community is facing a map change, strongly consider obtaining a Preferred Risk Policy, perform research pertaining to your potential change of risk, or both. In some situations, the Elevation Certificate can also prove beneficial when comparing a standard policy and a subsidized rate.
So in a nutshell, opportunities exist to minimize the effects of a map change. Building outside of a Special Flood Hazard Area, building compliant with all required rules and regulations, or elevating your lowest floor will always prove beneficial. Lower perceived risk equals lower insurance premium, it is really that simple! Become pro-active, not re-active! Understand your options before a map change.