Do you really need Flood Insurance or has your policy costs skyrocketed? A new law that took effect in July 2012 is forcing FEMA to raise the rates.
Based on the new law as stated by FEMA: “Beginning in 2014, premium rates for other properties, including non-subsidized properties, will increase as new or revised flood insurance rate maps become effective and full risk rates are phased in for these properties. These premium rate increases will include properties in areas that have received new or revised flood insurance rate maps since July 6, 2012 (the date of enactment of the new law).
Additionally, even if you build to minimum standards today, you will be subject to significant rate increases upon remapping if your flood risk changes in the future.”
To learn more about this new law and to see if it may effect you, read the Changes in the Flood Insurance Program Preliminary – Considerations for Rebuilding by FEMA provided by FEMA.
The cost to prepare an Elevation Certificate or EZ Loma vary greatly depending on the flood zone, base flood elevation (BFE) and the benchmark location. If you feel your house does not need flood insurance, one of these forms needs to be filed. Stonewall Surveying can assist you in preparing the necessary documents. Contact us for a free estimate.
