FEMA 2.0 regulations and knowledge points

[Duane Ward]

We have interest in a property that renovated and raised after Sandy hit. I read that the FEMA standards have been updated. Since the property has been raised to the new fema flood standards, somebody mentioned no flood insurance is needed. Does anybody know if this is true? Also if it's not, being a 9/10 factor without the raised foundation, would it be recommended to get flood insurance on the property anyway to at least cover those things that aren't raised like the shed, fencing, stairs, etc?

[John Mocker]

Duane,

You can find what flood zone you are in at https://msc.fema.gov/portal/ho... It will also have links to map amendments that may have changed your properties zone.  I would be happy to check and see what the maps are showing.  You can post or PM me the address if you want that checked.  

If you are getting a mortgage, the bank/lender will also determine the flood zone.  If the property falls within an "A" or "V" zone they will require flood insurance.  If it falls in a "B", "C", or "X" zone they will not.   If you are not required to get flood insurance you still may want to purchase it depending on the location, proximity to the riskier flood zones, etc.

Because many of the "Private Market" Flood Insurance programs only need the address and minimal info it is easy to get an approximate rate. The FEMA 2.0 are the newest rating guidelines that FEMA is using for the National Flood Insurance program. They are incorporating more of the location specific rating.

Property outside the home can or can not be covered depending on what the property is and which company program is used.  Normally it would be worthwhile to get the best quote for the property and then get quotes with the companies that offer the best coverage for the Shed, fencing, etc.   That way you can see the true cost to add that coverage