If you do not purchase the insurance within 45 days after being informed that flood insurance is required, the lender is required to place the insurance and charge you for the cost of it. If you have Federal or federally related financing for the property in question and you do not already have flood insurance, your lender may contact you once the new map takes effect and require that you purchase flood insurance. Will I have to purchase flood insurance when the new map officially takes effect? My house is not in a floodplain according to the current map, but the new map will show it as being in a floodplain. For newer structures in floodplains, the elevation of the lowest floor relative to the elevation of the 1% annual chance flood (Base Flood Elevation or BFE) will also be used to rate the policy. Major factors include the amount of coverage purchased, the deductible, the location, age, occupancy and type of building. Please visit the Rhode Island Emergency Management Agency (RIEMA) and FloodSmart for additional important information.What factors determine flood insurance premiums?Ī number of factors determine premiums for the National Flood Insurance Program (NFIP) flood insurance coverage. In any case, since standard homeowners insurance doesn’t cover flooding, it’s important to have protection from the floods associated with hurricanes, tropical storms, heavy rains, and other conditions that impact the U.S, regardless of whether you are in a flood zone or not. If you’ve been mapped into a high-risk area, you will be required to purchase flood insurance if your mortgage is through a federally regulated or insured lender. If your property is mapped out of a high-risk area, your flood insurance costs will likely decrease. When new maps are issued, your risk may have changed as well, along with your flood insurance requirements. The most recent flood maps for the Town of Narragansett have an effective date of October 16, 2013. These new flood maps, also, known as Digital Flood Insurance Rate Maps (DFIRMs), show flood risk at a property-by-property level.

As a result the Federal Emergency Management Agency (FEMA) has updated flood hazard maps across the country. įlood risk can, and does, change over time, and flood risks change for many reasons such as new development, changes in levee classification, or environmental changes (to name a few).

For more information on Flood Insurance, please go to. By participating, property owners can purchase federally –backed flood insurance, as typically home owners insurance does not cover flooding. The Town of Narragansett, and all other Rhode Island Cities and Towns participate in the NFIP. Overall, the program reduces the socio-economic impact of disasters by promoting the purchase and retention of general risk insurance, but also of flood insurance, specifically”.

These efforts help mitigate the effects of flooding on new and improved structures. It does so by providing affordable insurance to property owners and by encouraging communities to adopt and enforce floodplain management regulations. “aims to reduce the impact of flooding on private and public structures. The Federal Emergency Management Agency explains that the National Flood Insurance Program (NFIP) Participating communities agree to adopt and enforce ordinances that meet or exceed FEMA requirements to reduce the risk of flooding. The NFIP offers flood insurance to homeowners, renters, and business owners if their community participates in the NFIP. In 1968, Congress created the National Flood Insurance Program (NFIP) to help provide a means for property owners to financially protect themselves.

Fema flood zone ve