Property Not Yet in a Floodplain
If your house or other insurable structure is currently not in the floodplain, but it will be with this update, you should seriously consider purchasing flood insurance. If you have a mortgage, your lender will probably require that you have flood insurance. You may qualify for the NFIP grandfathering provisions if you purchase flood insurance before the revised maps become effective. These provisions could initially save you money on premiums, but would likely not be available if you wait to purchase flood insurance until after the new maps become effective.
Currently Within a Floodplain
If your house or other structure is currently within a floodplain, but it will be shown outside the floodplain with this update, you would be eligible for a reduced insurance premium once the maps become effective or you may consider dropping flood insurance. Keep in mind that floodplain boundaries are not perfect, and storms larger than the mapped 1% annual chance (100-year) floodplain do occur. Additionally, many people outside of mapped floodplains experience flooding of their homes due to unique local conditions. Therefore, having flood insurance may still be a smart decision for your circumstances.
If your property is currently not in the floodplain, but a portion of your land will be with this update, you just need to be aware of this fact and plan responsibly for any improvements to your property. Typical flood insurance is only available for structures, not undeveloped land. You must be mindful of floodplains and not intentionally alter flood patterns without due consideration and proper approvals.
Property Owner Actions
If your home or other insurable structure is within or near the boundary of a floodplain, a current Federal Emergency Management Agency (FEMA) Elevation Certificate may be necessary to properly rate the structure for insurance. The Elevation Certificate is also used to verify that the structure is or is not in the floodplain, based on comparing the Base Flood Elevation (BFE) with pertinent structure elevations. Who should I talk to if I have questions?
Property owners or other persons who wish to follow the progress of the Physical Map Revision should consult their community's Floodplain Administrator. This is the local official who keeps all of the community's flood hazard maps and Flood Insurance Study (FIS) report, and who corresponds with FEMA at various stages of the revision process.
For specific questions about flood insurance and premium rates, your insurance agent could best answer any details. Another good source of information is FEMA's Floodsmart website, or call the FEMA Map Information eXchange at 877-336-2627.