FEMA has begun updated its flood maps for the state of Florida and the new maps will be put into effect before the 2012 hurricane season. The maps determine what properties are at risk of flooding in the event of a natural disaster or severe storm. Insurers rely on these maps and the risk they place on certain regions to price insurance coverage. Typically, areas that are classified as high risk are required to have some form of flood insurance protection. Collier County will have the most drastic change next…
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New FEMA flood maps may lower insurance rates, homeowners will have to wait a year to find out
Property insurance rates may be going down for Florida’s Marco Island as FEMA prepares new flood maps. The agency is making changes to their flood maps citing risks from pending storms and other factors. While this may be good news for residents of Marco Island, they will have to wait until next year before they see the lowered rates. FEMA has delayed the release of the Digital Flood Insurance Rate Map saying that a later release date would be in the best interest of the community. The delay will allow…
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