Connecticut homeowners face new flood insurance requirements
Thousands of Connecticut residents are expected to feel the weight of mandatory flood insurance coverage in the coming months. The Federal Emergency Management Agency (FEMA) is currently drafting new flood maps for the entire U.S. coastline. This is part of an ongoing effort to understand and mitigate the risks associated with rising sea levels. New flood maps change the risks some properties face in regards to floods. According to FEMA, homes in high risk areas are required to be covered by flood insurance policies.
FEMA flood maps designate new risk zones
FEMA plans to introduce new flood maps throughout 2013. Though information on these maps can be found through FEMA’s website, some do not go into effect until later in 2013. When the flood maps take effect, all homeowners in high risk zones will be required to purchase and maintain some level of flood insurance coverage. Most property insurance companies do not offer flood insurance because of the volatility of the market, leaving homeowners to find the policies they need through the National Flood Insurance Program.
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Homeowners expected to turn to National Flood Insurance Program
The National Flood Insurance program accounts for the vast majority of flood insurance policies that can be found throughout the country. It is often the only place some homeowners can find the coverage they need to protect their properties from flood damage. Typically, the policies that can be acquired through the federal program are much less expensive than those that would be offered by private insurers. The new flood maps from FEMA are expected to designate regions in Connecticut as being at high risk of floods, thus introducing new insurance costs to homeowners that have never before had to carry coverage.
New requirements introduce financial pressure for homeowners
The new flood maps from FEMA could affect thousands of homeowners near Connecticut’s coats. Even in regions that are located a sufficient distance from the coast are likely to fall under the new flood insurance requirement. Some consumers have raised concerns over the fact that they have never had to purchase flood insurance coverage in the past and that the mandate could introduce inordinate financial stress to regions designated as “high risk.”