If you reside in a location designated as a prospective flood zone, you are probably paying a flood insurance coverage premium. However, flood risks are reassessed and altered occasionally. You might discover that your home has actually been incorrectly designated throughout a reassessment– or has been incorrectly designated all along. If so, you require to submit a Letter of Map Change with the Federal Emergency Management Agency (FEMA) to remedy the problem.
A Special Flood Danger Area (SFHA) is an area that has a 1% chance of being flooded in any given year (also referred to as a 100-year flood plain). That suggests that any house in one of these areas has a 26% opportunity of being flooded during the life of a normal 30-year home mortgage. Since of this, property owners in these locations are required to carry some type of flood insurance coverage, and the premium may differ based upon sub-designations within the zone.
The flood areas are shown on Flood Insurance Rate Maps (COMPANY) and their digital versions (DFIRM). Current floo …
CHECK THIS OUT FOR MORE INFO