Regardless of whether it's a low risk, moderate risk, or high risk, EVERYONE is in a flood zone. Even though lenders typically only require flood insurance in high-risk zones, a surprising 26% of all National Flood Insurance Programs (NFIP) flood claims come from low and moderate-risk flood zones! This means that even if you are not required to have flood insurance, it’s still wise to consider purchasing it for protection.
Here is an excerpt from an article in Insurance Journal about Florida, but many other states are experiencing similar changes:
Many more properties, including hundreds of thousands of homes across Florida and other parts of the Southeast, will be required to purchase flood insurance after July 31, due to revisions in federal flood maps.
For some of the most exposed and populous parts of the region, in south Florida, the changes means about 138,800 more structures in Miami-Dade, Palm Beach and Broward counties are now considered to be in the special flood hazard area, a significant increase from previous flood maps, according to the Federal Emergency Management Agency. For properties with mortgages, most owners will be required to buy flood coverage, bringing opportunity to insurance agents and private flood insurers, but more costs for insureds.
"The maps for some parts of Florida have not been updated in 20 years," said Trevor Burgess, president and CEO of Neptune Flood, one of the largest private flood insurance providers in the country. “Water levels are much higher now, the population has grown, and there have been many changes to the landscape,” added Burgess.
For expert guidance on navigating flood insurance requirements and protecting your property, get in touch with our dedicated real estate team today. We can provide valuable insights and assist you in understanding the latest developments related to flood insurance and how they may impact your propert
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