If you’re home has been marked as being in a flood zone, it means that you’ll be required to potentially pay thousands of dollars in flood insurance. The following are a few ways that you can lower the amount you’ll be required to pay:
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Get a preferred risk policy – It usually takes between 6 and 12 months for preliminary flood maps to take effect. You can purchase a preferred risk policy during this time, which will usually provide you with flood coverage for a much lower cost.
- Grandfathering your old rates – If you obtain the preferred risk policy before the new flood map goes into effect, you can keep your original rates for an additional two years. You’ll also qualify for low or moderate risk rates. If you already have flood insurance, you may be able to use your previous elevation to calculate your rates. You can also receive your old rates if you can prove that your home was built to comply with a flood map in effect at the time you built it.
Keep these things in mind if you live in a flood zone. Contact Parker Young for advice concerning homes with flood damage.
