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FEMA recently revised flood maps, and it’s essential for all of us to understand how these revisions will impact our community. The new maps bring about adjustments that will affect new construction, renovations to existing buildings, and flood insurance rates. Here’s what you need to know:
Expanded Special Flood Hazard Area (SFHA)
The SFHA has been expanded by 15%, indicating additional buildings will fall under its jurisdiction. This expansion means more structures will need to meet minimum elevation requirements to mitigate flood risks.
Increased Base Flood Elevations (BFEs)
New BFEs will necessitate higher elevations for new constructions and substantially improved buildings –that is, renovations that exceed 50% of the existing building value. Previously, the Florida Building Code (FBC) required buildings to be constructed to the BFE plus one foot. With the updated maps, these requirements may change, demanding higher elevations to ensure safety from flooding.
Flood Insurance Requirement
Buildings located within the SFHA and with federally backed mortgages are mandated to carry flood insurance. With the expanded SFHA, 15% more building owners will be obligated to purchase flood insurance. Please note that this requirement will take effect on July 31, 2024, when the maps become effective for insurance purposes.
Potential Increase in Insurance Rates
Buildings where the BFE has increased may experience higher flood insurance rates. Insurance rates are partly determined by the lowest floor elevation concerning the BFE. Therefore, as BFEs rise, insurance premiums might follow suit.
These changes underscore the importance of staying informed and proactive regarding flood mitigation measures. Whether you’re planning new construction, renovations, or assessing insurance needs, understanding FEMA’s revised flood maps is crucial for safeguarding our homes and businesses.
If you want to elevate your real estate experience and be served with the level of luxury you have come to expect, please contact me. I’d be happy to become your partner in the process.
