The act also repeals certain rate increases that have already gone into effect and provides refunds to those policyholders, according to FEMA. The act reduces the recent rate increases on some policies, prevents some future rate increases and implements a surcharge on all policyholders. In March, President Barack Obama signed into law the Homeowner Flood Insurance Affordability Act of 2014. Brautigam said flood insurance premiums are set by FEMA and do not change regardless of insurance provider. “The cost of carrying flood insurance versus not is beneficial because the insurance is going to pay you much more than what you pay in premiums.”į, the official NFIP website, estimates the average flood insurance policy-for homes in all risk categories-costs about $650 per year.
“Standard homeowners’ insurance only covers falling water such as rain damage but does not cover rising water, which is damage from flooding,” said Patricia Brautigam, owner of a Farmers Insurance Agency in Magnolia. “However, we did incorporate a new hydrology and hydraulics study on Spring Creek.”įlooding is the most common natural disaster in the U.S., and a separate flood insurance policy is often the most effective way to cover unexpected damages from flooding, according to FEMA.īecause flood insurance is not included in standard homeowner insurance policies, Congress created the National Flood Insurance Program to provide property owners financial protection in 1968. “In the Magnolia and Pinehurst areas, the changes were mainly due to newer and better topographic data called Light Detection and Ranging data, which was collected by the Texas Natural Resources Information System,” Moffett said. Residents in the Pinehurst and Magnolia areas will experience some changes under the finalized maps, said Stephanie Moffett of FEMA Region 6 External Affairs. “There are not very large or widespread changes, however, on some individual properties there can be some differences.” “In general, I think the new maps coincide with the old maps reasonably well,” Wilds said. The maps were finalized in February following an appeals process for preliminary maps issued in 2008, Assistant Montgomery County Engineer Dan Wilds said.
If the Report reveals the home (or structure) outside a FEMA high-risk flood zone, the. Floods not only affect high-risk coastal areas but according to the Federal Emergency Management Agency (FEMA), 25 of flood insurance claims come from moderate-to-low-risk areas like Montgomery County. It’s more accurate than the split-second computer generated Flood Determination from your mortgage company. Flooding is the most frequent severe weather event and the costliest natural disaster. Each property is manually researched by an experienced Map Analyst or Certified Floodplain Manager. The Federal Emergency Management Agency has finalized new flood insurance rate maps for Montgomery County and is encouraging property owners with property along the county’s floodplains to purchase flood insurance, officials said. See your home on the current FEMA Flood Map.
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