I got a call from my son the other day, about a letter he received from his mortgage company,. He was pretty upset, because the letter stated that he needed flood insurance. He bought his house in Hudson several years ago and he was not required to carry flood insurance.He did not need flood insurance, because his property was previously designated as a 500 year flood zone (flood zone X). and was built in compliance. Now his property along with about 8600 other Pasco County homeowners have been moved to a 100 year flood zone (flood zone A).
Not everyone will automatically be required to carry flood insurance, but a significant number will. Others will have time, as remapping will continue over the next couple years.
Though the homes are now in an A zone and would typically be fairly expensive, because the home, was originally built in compliance and originally in an area not considered a Special Hazard Flood Area, preferred rates will apply. The average premium under the National Flood Insurance Program is around $400 per year.
Homeowners faced with higher premiums have the option, to contact a land surveyor, to determine the elevation of the their home. Certificates of Elevation, provided a surveyor will be needed to provide to the insurance company as proof of elevation. Though there are no guarantees, homes built higher than the base flood elevation, may be able to reduce their premium.
It is important to remember that even homes in areas not classified as Special Hazard Flood Areas, are prone to flood risk. Remember Tropical Storm Debbie? 25% of all claims submitted, are from low risk areas.
Please contact one of our competent agents, if you receive a letter from your mortgage company, or just want the peace of mind, by obtaining a low cost flood insurance policy,.
Protect your biggest asset, your home!!!