Are You Ready for New Flood Maps and the new insurance rates they bring?
In case you missed the front page of the Caller Times last Sunday or if you weren’t aware of the proposed Preliminary flood map changes to our area, my office and I are here ready to help you better understand the upcoming changes and how they will affect your income.
Most of the changes effect areas along water ways like Oso Creek and Oso Bay (The Lakes, Colony Creek, Lago Vista, Reflections Kings Crossing and others). Some areas will get a better rating but most changes mean higher rates and more will soon require flood insurance when it was optional before. Our goal is to help you better understand how the changes effect you. Our agency has spent hours studying the preliminary flood maps so call us at (361) 991-3575 for help or if you choose, you can click this link http://maps.riskmap6.com/TX/Nueces/ to compare yourself.
Here is the quickest way to use this site if you choose to learn by yourself:
*Go to http://maps.riskmap6.com/TX/Nueces/
*Click I Agree
* In the upper left hand section of the page, type in the address you are interested in (Search by Address) and then click search.
*Click Ok button.
The red Star on this map is the address that you selected.
A blue shaded color area means the flood zone is “A”, “AE” or worse and is prone to flooding. Your mortgage company will most likely require you to secure flood insurance when the home is in this area.
Note that it is possible to be in a “C”, “B” or “X” Zone today, which qualifies for the Preferred Flood Program and preferred rates, and have the new preliminary maps change to an “A”, “AE” or worse.
Compare your old flood zone with new zone by clicking the i-image (Identify feature properties) on top of web-page. After you click on the i-image icon, click on the Red Star that marks the property & click on “View Detailed Flood Report”
Example: W. Bar-Le-Doc in Kings Crossing. Property is “X” zone now which qualifies for preferred flood program and preferred rates today. $450 for $250,000 protection. Preliminary Map shows Zone “AE-17”. Assuming home is built at that base elevation, the new rate would be $2,212 for $250,000.
If actual Base is one foot above at 18 feet, the revised rate would be $1,170 (Elevation certificate required). Each additional foot above base will reduce your rate further.
The new rates will be based on that Zone and that elevation above sea level but will be “Grandfathered” if you have a policy in place at the time that the new zone Maps are adopted. “Grandfathered” definition no longer means rates are fixed forever. The new definition is that the rate increases gradually (15-18% each year). Your rate could be less than the maximum “Grandfathered” rate when you provide a flood elevation that shows your home is higher than the base zone determination.
As you can see, this vital information is complicated and is difficult to explain in text so call us at Ed Cantu Insurance Agency today. We’d love to help you we are just a phone call or email away. Call (361) 991-3575 today or reply to my email now.
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