| Flood Map Modernization in Warwick, Rhode Island |
 |
 |
 |
New Flood Maps: New Insurance Requirements
The Federal Emergency Management Agency’s (FEMA’s) nationwide Flood Map Modernization (Map Mod) effort to update the current flood hazard maps is resulting in more reliable, easier-to-use, readily available Digital Flood Insurance Rate Maps (DFIRMs). Consequently, residents and business owners are able to obtain updated information about their current flood risks. In some cases, a property may be mapped into a lower risk zone; for others, a property's risk may change from a low- or moderate-risk area to a highrisk area. Other changes could include a change in high-risk area designation (e.g. from a zone beginning with the letter “A” to a zone beginning with the letter “V”) or a change in the Base Flood Elevation (BFE). Being mapped into a higher risk zone or a change in BFE can result in an increase in flood insurance premium. It is important that property owners understand their options following changes to their community’s DFIRMs. To recognize property owners that owned a policy before the maps became effective, or built to the correct standards relative to the flood map in effect at the time of construction, the National Flood Insurance Program (NFIP) has “Grandfather” rules to allow these property owners to benefit in the flood insurance rating of their building. This rating results in a cost savings to policyholders compared to a potential higher premium rate that results from a map revision. Pre-FIRM Buildings Have One Opportunity A pre-Flood Insurance Rate Map (pre-FIRM) building is one that was constructed prior to the date of the community’s first FIRM. In most cases, owners of pre-FIRM buildings have just one opportunity to use the grandfathering rule, which is before the new DFIRMs become effective. If a policy is obtained prior to the effective date of a map change, the policyholder is eligible to maintain the prior zone and Base Flood Elevation (BFE), as long as continuous coverage is maintained going forward. Continuity of coverage can be maintained even if the building is sold, as the policy can be assigned to a new owner at the option of the policyholder. There is a 30-day waiting period for a policy to become effective when purchasing a policy that is not required by a lender. The benefits of grandfathering by this method apply as long as the policy is purchased before the DFIRM effective date. Flood Map Modernization
About the NFIP
Flood Preparedness and Response
For more information, please visit FEMA’s Map Modernization website. You may also review the current status of Rhode Island's Flood Maps.
|
