If you do not purchase the insurance within 45 days after being informed that flood insurance is required, the lender is required to place the insurance and charge you for the cost of it. If you have Federal or federally related financing for the property in question and you do not already have flood insurance, your lender may contact you once the new map takes effect and require that you purchase flood insurance. Will I have to purchase flood insurance when the new map officially takes effect?

My house is not in a floodplain according to the current map, but the new map will show it as being in a floodplain. For newer structures in floodplains, the elevation of the lowest floor relative to the elevation of the 1% annual chance flood (Base Flood Elevation or BFE) will also be used to rate the policy.

Major factors include the amount of coverage purchased, the deductible, the location, age, occupancy and type of building. What factors determine flood insurance premiums?Ī number of factors determine premiums for the National Flood Insurance Program (NFIP) flood insurance coverage.

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