What to do if you’re experiencing an increase in flood risk.
If you’re experiencing an increase in flood risk – moving from the moderate- to low-risk flood area to the high-risk flood area – you are required to have flood insurance if you have a government-backed mortgage.
If you don’t carry a mortgage, you should still protect your investment with flood insurance due to the increased risk.
Contact your insurance agent to find the lowest-cost coverage for your property.
You may be eligible for flood insurance cost-savings.
To save money on flood insurance while protecting your investment, the National Flood Insurance Program offers a lower-cost flood insurance option known as the Newly Mapped Procedure.
Property owners who purchase flood insurance within the first year of a map update may be eligible for a lower-cost flood insurance policy, known as a Preferred Risk Policy (PRP).
Your rate will transition to the full-risk rate through an annual increase of up to 18 percent.
To reduce your risk today, purchase a policy before the new maps become effective.