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Update to Flood Map Saves Some Dollars
Many residents of New Orleans will see lower flood insurance premiums thanks to the updated flood map released by The Federal Emergency Management Agency (FEMA). The new map removes thousands of properties from the Special Flood Hazards Areas, the "A zones" to non-hazard areas, the "X zones".
According to Mayor Mitch Landrieu, the updated maps are the result of working together with FEMA, the U.S. Army Corps of Engineers, the congressional delegation and the community. "The city fought hard to guarantee the accuracy of these flood maps so that the actual risk was appropriately calculated. It is the first time in years."
Although businesses and homeowners who are within the "X zones" are not required to have flood insurance, Jared Munster, the director of Safety and Permits, is asking everyone to continue their coverage. Stating that "The cost of flood insurance in the so-called X zones is considerably more affordable than that in areas at higher risk of flooding, so such a small expense could save property owners from a costly catastrophe".
After the city receives the letter from FEMA declaring the updated flood maps final, they will have 6 months to adopt them. Munster said that he expects the council to vote on the maps in June or early July. Changes to your flood insurance premiums will likely go into effect on the next renewal date after the vote is finalized.
If you find yourself with a lower settlement, or a denied claim: contact The Voss law Firm today. We offer free consultations by our experienced and professional attorneys everyday.