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Change from low or moderate flood risk to
high risk |
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Flood insurance is mandatory. Flood insurance will
be federally required for most mortgage holders.
Insurance costs may rise to reflect the true (high)
risk.
Grandfathering offers savings. The National Flood
Insurance Program (NFIP) has “grandfather” rules to
recognize policyholders who have built in compliance
with the flood map or who maintain continuous coverage.
Talk with your insurance agent about the ways you can
save.
Flood Insurance and the Grandfathering Rule
(587KB)
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Change from high flood risk to
low or
moderate risk |
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Flood insurance is optional, but recommended. The
risk is reduced, not removed. Flood insurance can still
be obtained, and at lower rates. 20-25 percent of
all flood insurance claims come from low to
moderate risk areas.
Conversion offers savings. An existing policy can be
converted to a lower-cost Preferred Risk Policy for
those properties that qualify. |
