Last week the Federal Emergency Management Agency released new flood maps that may impact the insurance premium some homeowners pay.
The maps, which assess the risk of flooding, bumped many local coastal residents from the ?low risk? category to the ?high risk? category. A high risk property is defined as having at least a 1 in 4 chance of flooding during a 1 in 30 year storm.
The new maps were constructed by using advanced technology, including aircraft that used laser beams to more accurately measure local topography. A decades worth of new weather and tide data was also incorporated into the risk maps.
Residents in high risk zones are subject to much higher flood insurance premiums, on the order of $4,500/year. Compare that to a low risk premium closer to $500/year. Residents that were reclassified into a high risk, but already have flood insurance, will have their rates grandfathered according to local insurance agents.?Uninsured residents now in high risk areas, however, will be subject to the higher premiums.
FEMA has made the flood maps available online to determine where your property lies. Be warned that the site is rather slow and cumbersome.
> FEMA Maps
Source: http://www.hinghamweather.com/main/?p=3822
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