VICTORIA PARK CIVIC ASSOCIATION

Flood Map

Victoria Park Civic Association
Proposed Flood Map Changes

From X to X flood zone (no change): 40% of the community will still remain out of the flood zone. Flood insurance is not be required by lender and owners are eligible for preferred risk policies at $365+/- at maximum coverage amount.

From AE to X flood zone: 20% of the community will officially out of the flood zone. These owners will be eligible of for cheaper insurance and refunds of next year’s policy. Flood insurance will not be required by lender and owners are eligible for preferred risk policy for $365+/- at maximum coverage amount. Owners will be eligible for refunds of the active policy at the official publish date of the new maps, or owners are also able to challenge the current flood zone and receive refunds of the current policy

From X to AE flood zone: 1% of the community is affected by these changes. If the owner has a mortgage, flood insurance will be a requirement. Depending on the elevation of the floor of the house, the average flood insurance cost will be $1200 for maximum coverage amount. Owners will have to hire a surveyor to provide a FEMA elevation certificate to properly obtain insurance.

From X to AH flood zone: 19% of the community is affected by these changes. If the owner has a mortgage, flood insurance will be a requirement. Depending on the elevation of the floor of the house, the average flood insurance cost will be $495 for maximum coverage amount. Owners will have to hire a surveyor to provide a FEMA elevation certificate to properly obtain insurance.

From AE to AH flood zone: 14% of the community is affected by these changes. If the owner has a mortgage, flood insurance will still be a requirement. Depending on the elevation of the floor of the house, the average flood insurance cost will be $495 for maximum coverage amount. Owners will have to hire a surveyor to provide a FEMA elevation certificate to properly obtain insurance.

From AE to AE flood zone: 6% of the community is affected by these changes. Owners will still be require by the lender to have flood insurance. Due to the conversion factor and a map rounding procedure, the calculated base flood elevation has increase by one-half of a foot. This increase could cause insurance to double for these home owners. Depending on the elevation of the floor of the house, the average flood insurance cost will be $1200 for maximum coverage amount. Owners will have to hire a surveyor to provide a FEMA elevation certificate to properly obtain insurance.

Owners can be “grandfathered” to the previous flood map as long as they keep continuous coverage. In some cases this will be an option instead of using the new maps.