“But, I Thought We Lived in an X Flood Zone?” – Maybe Not Anymore!

Real estate buyers and owners beware – the new flood maps are out, and you may be surprised by some of the changes! Some homeowners who were previously in an X flood zone (“low risk”) are now finding themselves in an AE flood zone (areas more prone to flooding).  What does this mean for you (apart from the obvious, increased flood risk)? If you have a mortgage, and your lender wasn’t requiring flood insurance – you might be required to have it now. And usually, lenders are required to escrow flood insurance premiums, so your monthly mortgage payment may change as well.

“What if I just ignore that letter I got from my lender and don’t get flood insurance?” That might sound tempting – but don’t do it. If your lender requires insurance coverage and you do not have it, your lender can “force place” an insurance policy for you (and still make you pay for it). Force placed insurance is usually much more expensive (and usually offers less coverage).  Not sure what flood zone you’re in? Check here:

https://chascogis.maps.arcgis.com/apps/webappviewer/index.html?id=7c10eb6de226444e9a914b9c679e2591