Now, this section is a critical one given the changes taking place this year. IT IS CRITICAL THAT ANYONE AFFECTED BY THESE MAPS ACQUIRE FLOOD INSURANCE BEFORE JULY 16, 2014.
If you are in an area being remapped into the flood zone by the Flood Zone Insurance Rate Maps (FIRM) that go into effect in July 2014, you are eligible for a Preferred Risk Policy for the first year of insurance. When I checked the FEMA site earlier this week, you could get a Preferred Risk Policy with a value of $250,000 for $460. After the first year of coverage the rate would be subject to the above cited maximum annual increase of 18%, or $82 in the first increase year.
In the past, to get this Preferred Risk Policy, you had to acquire the flood insurance prior to the new maps going into effect. Thus the admonition above regarding applying for insurance before the effective date of these maps.