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Map Changes 3.0 - Action Steps for Property Owners:
Ways to Save When Flood Maps Change
FEMA revises flood maps to keep communities up to date with the most reliable information about flood risk.  Property owners should be aware that, because premiums are based on risk, a change in flood risk also means a potential change to insurance rates.  For property owners looking to save on flood insurance, here are some practical tips to help lower both the risk and premium:
  1. Buy a policy before the new FIRM goes into effect - Buy a policy before the new FIRM goes into effect – Map changes are coming. Agents, talk to your insureds about ways to maximize their savings on insurance, reduce their risk and ensure they are protected.  To learn about a recent or upcoming flood map change, visit: Flood Hazard Determination Notices
  1. Take advantage of the NFIP grandfathering option - The NFIP grandfathering option lets policyholders who have built their home/building in compliance with the flood map in effect at the time of construction use their previous zone or BFE to calculate the insurance rate. This provides an opportunity for potential savings.  Click here to read more about grandfathering options and rules.  
  1. Apply for a Letter of Map Change (LOMC) – While FIRMs are developed at a mapping scale that may be useful for community officials, lenders, and insurance professionals, not every rise in terrain can be depicted at this scale. If you think a building is imprecisely mapped as being in a high-risk area, FEMA has a process that allows property owners to request a more precise flood zone determination.
    • This process includes the Letter of Map Amendment (LOMAs) and Letter of Map Revision-Fill (LOMR-Fs) options. A LOMA can be requested if a property has been mapped in a high-risk flood zone but is actually on naturally high ground. A LOMR-F is used for a property that has been elevated above the BFE by the placement of fill. For more information, visit FEMA’s Letter of Map Change informational site.
Flood Fact

Remember, homeowners insurance typically does not cover floods. Over the life of a mortgage, a home is more likely to suffer damage from flood than fire. Agents, talk with your clients about alternatives or special offerings such as the Newly Mapped procedure or grandfather rating.
Flood Fact Statistics attributed to the Federal Emergency Management Agency FEMA.org
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