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What Causes FEMA to Change Their Flood Rate Maps?

A few months ago, we discussed what are FEMA’s Flood Insurance Rate Maps, and how the federal agency determines which zones are high risk flood zones. Granted, I realize that reading this blog is not necessarily your number one priority in your life, so here’s a quick recap:

As everyone knows, the Federal Emergency Management Agency (FEMA) is the government entity that comes to our rescue after a natural disaster. Because floods constitute one of these disasters, they regulate the flood insurance industry. This means they survey land and draft maps based on their studies, designating which areas are high risk flood zones, and which aren’t.

If your home is in a high risk flood zone, you must have flood insurance. You’re also required to have it if you still owe money on your mortgage, since the Federal Reserve requires it.

Ok. So if I’m in a flood zone, I keep paying for the rest of my life, right?

No. FEMA could determine you’re in a flood zone today, and change that determination a decade from now. This is because, as with everything else in life, things change: Environmental changes may affect your neighborhood’s likelihood of experiencing a flood. These changes are so minute, that they are barely noticeable from one day to the next; but in the aggregate, they will make a difference years down the road.

If a change in FEMA’s flood rate maps determines you are no longer in a high risk location (and your home is paid off), you can actually request to be removed from said zone.

Why should I even bother filing paperwork with FEMA?

Yes, it sounds like a headache; and rarely anyone ever needs something else to add to their To Do list. But most people would jump at the chance of saving substantial amounts of money; and that’s what staying on top of this can do for you.

If you’re paying now because you were in a high risk flood zone years ago, but you’re no longer in high risk, why keep flushing money down the toilet? Wouldn’t you rather save it, invest it, or spend it on something fun?

National Flood Experts can do that for you. And better yet, we’ll do the initial evaluation for free. If you are still in a high risk flood zone, you lose nothing. However, if you are no longer in such a designated area, get ready to save that money for something better. Give us a call and see what we can do for you.

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