You’ve owned your home for 20 years, and you’ve never been required to have flood insurance on your property. So why did you get a notice saying that you are required to have flood insurance or else your lender is going to impose it upon you now – after all these years?
Simply stated, The Federal Emergency Management Agency (FEMA) believes that your lot is now at risk for being flooded in the event of a 100 year flood. FEMA creates Flood Insurance Rate Maps (FIRMs) which depict and show where it is calculated that the water will spread in the event of a flood. Because our communities’ landscape is constantly changing due to construction and population increase, the FIRMs become outdated and are no longer accurate. In order to accurately depict where the flood waters will expand to, the FIRMs are updated as needed.
Interactive Online Flood Map for the U.S. Here
Search St Louis Homes For Sale HERE
Continue reading “Why did I get a notice that says I have to have flood insurance?“
The great flood of ’93 revealed the importance of flood insurance to many St Louis area property owners that found their homes either underwater or threatened by flood though they never before thought it possible. As a result of that flood as well as subsequent floods brought on by hurricanes in coastal areas and other major storms inland, the National Flood Insurance Program (NFIP) found itself in a position where major changes were needed in order to continuing providing flood coverage and at fair rates. Therefore the Biggert-Waters Flood Insurance Reform Act of 2012 was passed which makes sweeping changes to the flood insurance program. This short (4 minute) video from FEMA does a great job explaining changes to the program that will come about as a result of the act.
As spring approaches (say good bye to winter!! ) many homeowners face the risk of potential flooding of their homes or investment properties. Thanks to the requirements of most lenders for a borrower to obtain a flood letter to determine if their property is in a flood plain and, if so, obtain flood insurance, possible flood damage is a “known” threat to most homeowners affected. 
