Home Ownership

From the Brokers Notebook: Are You in a Flood Zone?

By April 27, 2017 No Comments

Have you heard the Federal Emergency Management Agency (FEMA) is updating flood maps in Summit County?  Once the maps are revised some residents & business owners will find their flood status may have changed.  Adversely impacted property owners have received notices from Matt Cassle with the city.  Affected areas include Daly and Woodside Avenues in Old Town, Park Avenue properties and homes in Prospector along the Rail Trail.  Red areas indicate new additions, Green indicates properties that are being moved out of the flood plain and Blue zones indicate no change in status.  

flood map

map source http://arcg.is/0PP9br

 

Notices were sent earlier this year but some might have missed the notice. No definitive date has been set but the change is expected to take effect in 2018.  Please note, those properties being removed from flood areas will not receive notice of this change. Property owners impacted negatively by the changes will be given a chance to contest your status.  The appeal process is expected to begin in August 2017 and run for 90 days.

For those newly added properties property owners should consider whether they would be eligible for “Grandfathering”.  When flood map changes occur, the NFIP provides a lower-cost flood insurance rating known as “grandfathering”. It is available for property owners who have flood insurance policies in effect when the new flood maps become effective and continuous coverage is maintained.

 

 

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