February 15, 2017
Want to check to see if your home qualifies for the newly mapped flood insurance program? Qualify for Cheaper Flood Insurance ?
Need to Check an Address? Want to see if you can save money on FEMA Flood Insurance?
The National Flood Insurance Newly Mapped Program is a process that allows homes that have been recently upgraded from low risk to high risk flood zones to potentially qualify for lower flood insurance rates. According to FEMA on their Policies for Buildings Newly Mapped Into A High-Risk Area, ” In recent years, the Federal Emergency Management Agency (FEMA) has sought to ease the financial impact of a map change by extending eligibility for a lower-cost Preferred Risk Policy (PRP) if a building outside of the high-risk area called a Special Flood Hazard Area (SFHA) is newly mapped into the SFHA. ” This is very important program offered by the National Flood Insurance Program.
What this means is that: “Following a map revision, the owner of a building newly mapped into an SFHA will be rated according to a new procedure for newly mapped properties. This rate will be equal to the PRP rate, but with a higher Reserve Fund Assessment and Federal Policy Fee, for the first 12 months following the map revision. ” This applies to communities in California that participate in the Federal Flood Insurance Program. Could this save you money? Possibly.
Policies written under this program will be charged essentially a lower rate and then: ” After the introductory year, the rate will begin its transition to a full-risk rate with annual rate increases of no more than 18 percent each year.”
Email your Full Name,Complete Home Address to Marindependent Sales. We will pull a Zone Determination which will allow us to assess the availability of this program for you and your family. There are of course, restrictions on this program. After receiving your request we will determine your current and past flood zone. That will generally allow us quickly to determine your eligibility for this federal flood insurance program.
In order to qualify for cheaper flood insurance in this newly mapped program we will review past and current flood zone maps to determine if your home has been relocated into a higher risk flood zone. Once we have received confirmation that your home may qualify for this program we can complete a full insurance quote for your property. After the completion and acceptance of the quote, The Quote, Application, Payment Authorization, and possible primary residency statement will need to be signed. Typically this can be done all electronically. All flood insurance requires underwriting approval.
Kindly read our full set of disclosures concerning reading about insurance online. Marindependent Insurance Services LLC is regulated by the California Department of Insurance – California License 0K10734. There is no guarantee of any given property qualifying for this government program. Rates and Regulations are set by FEMA.
#floodinsurance #newlymappedflood #NFIP #FEMAFloodInsurance
Marindependent is a boutique insurance agency based in Mill Valley and San Rafael in Marin County California. We offer a variety of insurances including both Federal and Private Flood Insurance. Phone: 415-294-5454. Fax: 415-294-4555.