![]() Flood insurance will be federally required for most mortgage holders.* Insurance costs may rise to reflect the true (high) risk. These Requirements, Options, and Savings ApplyĬhange from low or moderate flood risk to high riskįlood insurance is mandatory. However, options exist that will allow property owners to save money while still protecting their property. When the new maps are adopted, some property owners' flood insurance requirements will change. Learn more about the Preferred Risk Policy. Likewise, some property owners may find their risk is now reduced and that they are eligible for an optional, low-cost flood-insurance policy. Insurance costs may rise for some to reflect heightened risk. Zone Changes May Affect Flood Insurance Costs Learn more by visiting the National Flood Insurance Program consumer website. Remember, flood insurance is available for all properties, regardless of risk designation, and is the only insurance that protects you from flood damage. The risk can vary dramatically from neighborhood to neighborhood and within a neighborhood. In accordance with the Flood Disaster Protection Act of 1973 and the National Flood Insurance Reform Act of 1994, flood insurance is required for all structures located in a high-risk area, that carry a home mortgage loan backed by a federally-regulated lender or servicer. Over the life of a 30-year loan, a home in a high-risk area (known as a Special Flood Hazard Area) has about a 3 times greater chance of having a flood than having a fire. ![]() Flood insurance is an important first step in protecting your financial investment.
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