The Federal Emergency Management Agency regularly updates its flood maps and the flood zones in which a home resides. If, in remapping, your Pismo Beach, CA home moves from a zone that doesn’t require flood insurance to one that does, you will need to purchase a policy.
At Neff & Associates Insurance Services Inc., we understand how complex flood mapping and flood insurance can seem. If you resided in a home in a flood zone A or V and took out a federally backed mortgage, you must purchase flood insurance.
Your bank typically requires proof of this purchase, just like your home insurance policy. Of course, when remapping occurs, your home that previously did not sit in either zone A or V can move into one.
That’s because flood risk changes over time. An area’s topographical features change, which can alter water flows from creeks, rivers, lakes, etc.
If you rent, your landlord may include a rider in the lease that requires you to obtain renter’s insurance but won’t require flood insurance. That’s because the landlord’s flood policy covers the structure. It won’t cover the contents that belong to you, so you should still obtain a flood policy for contents only if the flood zone for the home changes.
FEMA continually conducts flood map updates, so your flood zone could change at any time. The agency sends the homeowner a notice that the zone has changed.
If you reside in a home that now belongs in zone A or V, you’ll need flood insurance. Contact Neff & Associates Insurance Services Inc., serving Pismo Beach, CA, for more information.