Flood Zones are Changing Your Property May Be Affected
Storms and rain, winds and floods – these weather events happen across the globe. Modern technology has come far in helping federal, state and local governments plan ahead and warn property owners about pending storms and the risks of flooding.
The Federal Emergency Management Agency (FEMA) of the Unites States Government has established the National Flood Hazard Layer. This is a geospatial database that includes searchable data about flood hazard zones to support the National Flood Insurance Program. Commercial flood insurance companies use data from this resource to help determine flood insurance rates.
Some of the information available is preliminary data only. While this data cannot be used definitively to set insurance coverage rates, it can still affect your property. Learning more about how FEMA and insurance companies use the National Flood Hazard Layer can be important to find the best and most affordable flood insurance coverage for your home or business property.
Why Should I Understand Local Flood Maps?
Why should Florida home and property owners be concerned about flood maps? Floods are totally unpredictable events and the risks for them change constantly. This is why FEMA updates the National Flood Hazard Layer database regularly to provide the most up-to-date information possible. Although you may not be near a large body of water, there can still be a risk present for flooding.
Flood maps are vital for communities to develop strategies for reducing risk. As conditions change, these risks can change, necessitating new flood protection measures. Even a nearby construction project can affect your local flood risk. Flood protection measures can include planned infrastructure improvements or additions to help handle floodwaters and protect property. Knowing where your property is located, and the flood zone of the area, is important for doing your part to protect your property and other nearby properties.
Understanding Flood Maps
Flood maps assign risk codes to various areas according to the level of flood risk. History has shown that there is no such thing as a “no-risk” zone. Some areas have a moderate or low risk, but there is always some risk. These risks are calculated using data on previous floods, current elevations and soil conditions, proximity to different bodies of water or water sources and more.
Flood maps assign a code of risk to show how likely an area may experience a flood. Any area with a 1% or higher chance of experiencing a flood each year is considered to be a high risk area. (Such areas have a one out of four chance of flooding over a 30-year period, which is the most common length for a home mortgage loan).
Areas with less risk are labeled as moderate or low risk. However, your flood risk can change and cause your zone to be redesignated with a higher or lower risk code. You can search for your property on the National Flood Hazard Layer and see the most recent data available for your particular zone. You can also discover if there is any preliminary data pending that could cause changes.
Get the Right Flood Insurance Coverage
All property located in high risk flood zones that is financed by federally backed loans are required to have flood insurance protection. Others who own residential or commercial property in these or even moderate or low zones should seriously consider flood insurance to protect their investment. Peeples Insurance Agency, with convenient offices in Sarasota, Bradenton and Margate, Florida, offers flood insurance options to fit most any need and budget.
Contact us today to learn more about flood insurance for property in your particular flood zone.