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How FEMA’s Proposed Changes Will Cost You

Back in April, we posted a blog explaining what are FEMA’s Flood Insurance Rate Maps (FIRM). In a nutshell, FIRM are maps that are redesigned every couple of years, to reflect recent environmental changes that may have affected a specific area’s flood probabilities.

This means that it is entirely possible to go from having your property located in a high-risk flood zone, to being removed from the high-risk designation. If your home is paid in full (meaning a mortgage lender is no longer requiring you carry flood insurance), it is recommended to review whether your home’s designation has changed.

This is increasingly relevant today, since on June 29, 2017, FEMA proposed to review FIRM Maps once again. Depending on your home’s location, you may end up having to pay additional money in flood insurance premiums. To find out where in FEMA’s FIRM your home is located, you can enter your address on their Flood Map Service Center’s website.

What can you do to protect your pocket?

There are two main options you could consider in order to save your family some money:

  • If your area has been designated to be in a higher risk area, and you are currently paying for flood insurance, under FEMA’s Grandfathering Rules, you can request they honor your current rate.
  • If your area hasn’t flooded despite tide increases, natural disasters, heavy rains, etc…, you could contact National Flood Experts (NFE). We will conduct a free evaluation to determine whether you are really in a high risk flood zone. If you aren’t, NFE can help you through the appeals process. FEMA may even refund monies already paid. You could try to do it on your own, but good luck understanding esoteric terms and filling out FEMAs forms without an expert on your side.Contact us with no obligation, to see how we can help you save money. Chances are high your bank balance will appreciate it.
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