How might the new flood maps affect me financially?
When new maps become effective, if your building is newly mapped into a high-risk area and you have a mortgage with a federally regulated or insured lender, you will need to purchase flood insurance. If your property is mapped into a moderate- or low-risk area, you are not required by federal law to purchase or maintain insurance, but are strongly encouraged to do so. The cost of properly protecting your home and contents from flood damage is far less expensive than the cost to repair or replace it after a flood has occurred.

Through the National Flood Insurance Program, coverage can often be obtained at significant savings. The average cost for a flood insurance policy is approximately $600 per year. Further, homeowners may qualify for a Preferred Risk Policy that covers both a building and its contents for as little as $129 per year. Coverage for renters starts at just $49 a year. Talk to your insurance agent to determine the appropriate level of protection you need and the money savings options that are available.

Show All Answers

1. What is a floodplain and how do I determine if my property is located in this area?
2. Why is Manhattan getting new flood hazard maps?
3. How might the new flood maps affect me financially?
4. How can I reduce the cost of flood insurance?
5. Who is responsible for updating the maps?
6. What is a Flood Insurance Rate Map?
7. What are the benefits of the new FIRMs?
8. How will the new FIRMs affect me?
9. What will happen if my property is remapped from a moderate- or low-risk area to a high-risk area?
10. What will happen if my property is remapped from a high-risk to a moderate- or low-risk area?
11. What does the new Homeowner Flood Insurance Affordability Act mean for me?
12. When do the new maps become effective?