New Sarasota Flood Maps: Grandfather Rules

I've previously blogged about changes to FEMA maps for Sarasota County flood zones.  There are rules about grandfathering rates that may help home and business owners save money on flood insurance.

Learn more about Sarasota County flood zones and flood insurance
Most of the grandfathering rules involve buildings which are pre-FIRM (built before the FIRST Flood Insurance Rate Map) and buildings which are pre-DFIRM, which are located in existing flood zones prior to the new Digital Flood Insurance Rate Map.

Buildings which are pre-FIRM have just one opportunity to be grandfathered, which is before the new DFIRM's become effective, sometime in 2016. The building must have existing, continuous coverage at the old flood zone map rate, and the policy can usually be transferred to a new owner.

If your home is currently located in a low to moderate risk flood zone (zones B, C, or X), the building owner can purchase a lower cost Preferred Risk Policy (PRP) prior to the new DFIRM effective date.  This will LOCK IN the the flood zone for future rating.

This is important, because if you are selling your property and you know it is going to be put in a higher risk DFIRM, you can save the potential buyer a significant expense.

If you are thinking of selling your Venice, Sarasota, or Nokomis home, please be sure to ask me about how Sarasota flood maps and flood zone changes might affect the sale.


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