The Federal Emergency Management Agency (FEMA) is actually working on a preliminary flood hazard maps for St Johns County that will replace the actual Flood Hazard Map. The new map should become effective any time between the 1st of August 2018 and the 1st of December 2018.
The release of a preliminary Flood Hazard may induce changes in your insurance policy and in the requirements a lender may ask you. For example, if a property is mapped in a high-risk area and the owner has a mortgage through a federally or insurance lender, the flood insurance will be required when the Flood Insurance Rate Map (FIRM) becomes effective.
If your building is mapped from a high-risk zone into a low or moderate-risk one, you may talk to your local insurance company to determine if flood insurance is still required.
However, as property owners, you should remember that even if the flood risk has been reduced, it hasn’t been eliminated and most homeowner’s insurance don’t cover flood damage. So talk to you insurance company, in order to compare the current and the preliminary FIRM and determine which premium rating option will be the most beneficial to lock in savings.
If you would like to know in what flood zone you are and what will be the preliminary zone, contact me and I would be happy to help you find out this information.