Flood Maps 2.0 - Map Change Scenarios
As the property is now at an increased risk of flooding, agents will want to make sure the property in insured for the higher risk. And if a client holds a mortgage, flood insurance coverage will be required. Insureds can maximize their savings by purchasing a Preferred Risk Policy(PRP) before the new maps become effective. 

The NFIP has a lower-cost option available that may help reduce the financial increase due to the map change. You can help keep your insureds' costs down by locking in the lower-risk zone or Base Flood Elevation(BFE) for future rating.
Map Changes: from Low Risk to High Risk
Change in risk
When a current or prospective policyholder moves from a low- to high-risk flood zone, their building has been newly designated in a high-risk area for flooding. Insurance is now mandatory for holders of mortgages from federally regulated or insured lenders, and it is recommended for all others.
Rate impact
For these impacted properties, the current flood map shows the property is located in a high-risk flood area, but the cost of flood insurance is discounted based on the prior flood map showing lower flood risk. FEMA provides discounted rates to those who have been newly mapped into the high risk area, but also requires flood insurance costs to eventually reflect the higher flood risk reflected in the current map.  Under the Newly Mapped procedure, the NFIP provides newly affected building owners with a cost-saving option. Click here to learn more about cost saving options available with FEMA’s Newly Mapped Procedure.  Note: Proposed changes to the Newly Mapped procedure will be effective October 1, 2018, and will provide property owners with extended eligibility based on late notification from their lender beyond the current 12 months from the date of the new map.