Every homeowner needs to adapt measures to safeguard his or her abode from various types of natural calamities. Even if you are staying in a region that is not known for such disasters weather hazards can be pretty unpredictable and wreck havoc with your property. Severe storms and floods can cause massive damage to a house and without insurance coverage, the owner can be led to near bankruptcy condition.

Flood Insurance Requirements

The coastal states of the USA have the record of getting lashed by super storms, flooding events and several widespread natural calamities. At times, changing weather patterns caused by global warming can lead to unprecedented natural disasters in places known for calm weather conditions.

The unforeseen changes in weather patterns and ravages caused by latest natural disasters in the USA have forced the federal government to plan and implement changes in prevalent disaster management laws and programs. The debate regarding changes made in FEMA’s flood map and NIFP norms are making headlines in recent times. As a homeowner or someone looking forward to buy a new home, you need to know facts on changed flood maps and cost of flood insurance Florida properties.

Recently FEMA conducted a long forum on latest changes made to the NIFP prompted by a number of massive coastal storms and their impacts on public life and property. As per new FEMA maps, flood zones have been altered. This essentially means FEMA-compliant homes may not be so any longer in some regions. The flood insurance subsidies provided to homes that were compliant to FEMA norms previously but now have different status will no longer be allowed the reduced premiums. So, residents living in high-hazard flood region should get their facts clear on flood insurance requirements and same can be said about prospective property buyers in such regions.

The phasing out of insurance subsidy will be applicable to people with secondary homes as well as commercial establishments in Special Flood Hazard zone. Residents whose homes were flooded frequently in near past will also are included under the changed ambit. People with primary home in Special Flood Hazard zone can continue paying subsidized insurance premiums till they sell off the property. They can also wait their existing policy to lapse or buy a new policy altogether. However, these differences will not prevail next year, when the subsidy phase- out will be applicable to majority of homes. As per FEMA norms, premiums may go up by 20 percent a year.

Industry veterans are of the opinion that it is imperative for homeowners to verify which flood zone they belong to. Hikes in premiums of flood insurance are not planned to fetch deficit from claims incurred in past calamities, but to cover potential losses in future. The FEMA norms may also require homeowners to elevate their properties based on their location in flood zone. Flood insurance is given by the federal government although it is managed by regional insurance agents. Residents in non high risk zones can check facts with their insurance firms to learn about prospects of lower premiums.

Image Credit: Alan Light