How Will Flood Map Changes Affect Your Rates?

All throughout Hampton Roads property owners are facing sharp increases in flood insurance premiums. The publication of new flood maps from the Federal Emergency Management Agency (FEMA) shows that much more real estate is at risk than the previous assessment. It’s important to understand how your property is affected and to know the ways you can keep your flood and homeowners insurance premiums low while still protecting your assets.

City of Norfolk Department of Geographic Information Services recently published a web and mobile mapping application that shows the differences between the prior (2009) and current (2014) maps. If you agree to share your location with the app you can see the flood zone where you are located. That might be handy when it comes to house shopping.

Norfolk FIRM Comparison (2009-2014)
Norfolk FIRM Comparison app (2009-2014)

The app works best on a laptop, desktop or tablet. It also works on smart phones but the limited screen space becomes a factor. This is just one example of how the marketplace is learning about the impact of flooding.

The new flood maps and rates don’t have to be all doom and gloom for property owners in Hampton Roads. There are mitigation programs designed to lower risk and premiums. It may also be important to have a new elevation certificate for your property. There are still more options when it comes to determining the level of insurance protection you need.

At COMPARITY it’s our job to help you understand your flood insurance options. Call us or go online today and we’ll find you the right  coverage for the best price. 1-844-COMPARE (844-266-7273).