Find out if your in a Flood Zone?

So a few years back, the National Flood Insurance Program began revising the maps along coastal areas for what will be “new” flood hazard zones.  In essence, they are expanding the existing territories where flood insurance is mandated by banks and other lenders.

Areas in Monmouth County are currently going through this process and within the next 12 months this process will be commencing in Ocean County with Atlantic and Cape May to follow.

WHAT DOES THIS MEAN TO YOU?

Many homes that are not currently in the Special Flood Hazard Area  (but are  in a zone B, C or X which is near the Special Flood Hazard Area) will likely be re-classified into a  new flood hazard zone on the revised maps. Ocean County will start seeing these changes during the year 2012. Do not be surprised when your  bank or mortgage company  notifies you that to be in compliance with your mortgage agreement, you will  now be required to obtain a flood insurance policy to cover the amount of your loan.

In the past we have told you that we are ALL in a flood zone, some more hazardous than others.  All   areas are eligible for flood insurance – but rest assured the premiums vary significantly! If you are in a less  hazardous zone, you can purchase preferred flood insurance at less expensive rates.  What the government is  proposing is a program allowing you to buy in now at a discounted rate before the maps change.   Folks in a these areas,  who choose to purchase a preferred flood insurance policy now, will be “grandfathered” into a less expensive flood zone in the future. You could potentially   save you thousands of dollars over the course of home ownership.

All of this is very confusing.  And of course, the rules are changing and as of the date that I write this article, the flood insurance program is set to expire on September 30, 2011.  The US Senate and the House of Representatives are close to a five year agreement but these changes to the map regulations are still in the works.

We strongly urge you to call us and discuss your individual situation, as to where your home is located and how these changes may affect you personally.

Hauswirth & Sons Insurance Consultants can advise you on Flood Insurance.

877 – 329 – 3261