New FEMA maps show more houses at risk and need insurance
Previously low risk areas face higher insurance premiums as flooding becomes more common
New FEMA maps show more houses at risk and need insurance
INSURANCE NEWS
By Allie Sanchez
15 Feb 2017
Pierce County residents are in a tizzy as the Federal Emergency Management Agency (FEMA) presented them with new maps drawn using high technology tools.

Better modelling on top of the new topography maps revealed that 800 homes in the area are at high risk for flooding because they are sitting on top of an old creek channel, classifying them as a high risk flood plain zone.

The report from KomoNews.com said that these residents face higher insurance, especially those properties with federally backed mortgages, which require flood insurance.

Want the latest insurance industry news first? Sign up for our completely free newsletter service now.

Meanwhile, the new FEMA map also reclassified previously high risk properties to low risk status, among them a row of homes along the Diru Creek and properties lining Lake Tapps.

These residents will have to call their brokers to negotiate for lower premiums, the report said.

If Pierce Country approves the new maps, as is expected, new insurance rates are expected to apply in March.


 

Related stories:
Private sector involvement, risk-based rates vital for flood insurance reform, group says
Experts forecast the future of flood

 

Free newsletter

We'll keep you up-to-date with the latest breaking news, cutting edge opinion, and expert analysis affecting both your business and the industry as whole.

Free newsletter

Our daily newsletter is FREE and keeps you up - to - date with the world of Insurance. Please complete the form below and click on subscribe for daily newsletters from IB US.