National Flood Ins. Program - Grandfather Rules
Flood risks can change over time. Water flow and drainage patterns can change dramatically because of surface erosion, land use, and natural forces. Likewise, the ability of levees and dams to provide the necessary protection can change. As a result, the flood maps for those areas may no longer accurately portray the current flood risks. To reflect the most current flood risks, the Federal Emergency Management Agency (FEMA) is updating the nation’s flood maps using the latest data gathering and mapping technology. New flood maps (known as Digital Flood Insurance Rate Maps, or DFIRMs) are being issued nationwide.
When the new flood maps become effective, some residents and business owners will find that their property’s flood risk has changed. Some will find that their building is mapped into a high-risk flood zone (known as a Special Flood Hazard Area (SFHA) and noted on the flood maps with the letter beginning with "A" or "V").If there is a mortgage on the property through a federally regulated or insured lender, they will now be required to purchase flood insurance. Others will find that the Base Flood Elevation (BFE) for the property has increased. Either of these changes could result in higher flood insurance premiums.
See the fact sheet http://www.floodsmart.gov/floodsmart/pdfs/Grandfathering+Fact+Sheet+for+Agents-2010.pdf
Call us or stop in about your flood coverage. We also have an alternative to Federal Flood Insurance. 740-992-6677