Do I need a Flood Policy?
When new maps are issued, your risk may have changed as well - along with your flood insurance requirements.
However, there is usually a six- to twelve-month period between the time the new “preliminary” maps are issued and the time that they are implemented.
This gives you adequate time to protect your property and, possibly, save on flood insurance.
If your property is mapped out of a high-risk area, your flood insurance costs will likely decrease.
If you’ve been mapped into a high-risk area, you will be required to purchase flood insurance if your mortgage is through a federally regulated or insured lender.
However, you can save money through a process known as "grandfathering." You can take advantage of grandfathering by obtaining a policy before the new maps take effect.
You’ll likely qualify for the NFIP Preferred Risk Policy (PRP), which covers buildings and their contents for as little as $119 for the first year.
On renewal, you will qualify for the standard rates associated with moderate-to-low risk zones, rather than high-risk zones.
Who Is Covered Your policy covers more than just the person listed as the primary insured. Under the coverage for personal property and liability, others may be covered including: your spouse (if he/she is not listed with you as primary insured); residents (your children or anyone else residing in your home under the age of 21 in the care of any member of your family); employees (housekeepers, au pairs, or gardeners); or guests and other visitors, provided you contact your insurance company to request coverage.