Properties Removed from Special Flood Hazard Area
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- Last Updated: January 8, 2015 January 8, 2015
Once you provide a copy of the map revisions to your lender they will likely no longer require you to buy flood insurance. However, you should still consider a preferred policy. Remember, water has no boundaries; it doesn’t stop where the lines are drawn on a map. In fact over 20% of flood claims occur in non-high risk areas. So your property and possessions could still be at risk.
Recommended steps to reduce your flood insurance premium:
Once new maps are adopted, notify your lender and request a letter of release.
Provide letter of release to your insurance agent and request to cancel policy.
Talk with insurance agent to determine if a Preferred Rate policy is right for you.