Flooded streetsBecause of all the traumatic pictures we have witnessed after Harvey, Irma and Maria, flood insurance is a hot topic of discussion.  And now a flood map change is going into effect in October 2017 for Palm Beach County.  Preliminary reports show approximately 100,000 properties will be reclassified.  About half of these properties are going from a high risk to a low risk zone.

When are the Palm Beach flood maps changing?
October 5th, 2017

Why are the flood maps changing?
Over time, water flow and drainage patterns can change dramatically due to surface erosion, land use, and natural forces. The likelihood of flooding in certain areas could change along with these factors. Additionally, remapping studies integrate the most current rainfall, elevation, and other key data with the latest modeling technology to provide an up-to-date picture of the area’s flood risk. The result: a better picture of the areas most likely to be affected by flooding and a better foundation from which to make key decisions.

How will I know if my flood zone has changed?
Visit a new map made available this week on the county website.  Enter your address to see your flood zone Information.  You can always call us for help.

Why did I get a letter from my mortgage company that says I am required to purchase flood insurance now?
Mortgage companies are required to have flood insurance on any property that is in a high risk flood zone (special risk).  They have determined that you are now in a high risk zone and need to purchase flood insurance.

Why did I get a letter from my mortgage company that says I am NO LONGER required to have flood insurance?
Please read this letter carefully!  Although you are not REQUIRED to have flood insurance, it does not mean that there is NO risk of flooding.  You are in a low risk zone and are now eligible for a preferred policy at a discount rate.

If I have a flood policy now, do I need to do anything?
Yes, call an agent at Cypress!  We need to know whether you have a standard flood policy (high risk) or a preferred policy (low risk).  We will determine what the flood zone is now and find the best option for you.

If your flood zone changed to a low risk zone, you may be eligible for a preferred policy and the premium is discounted.  This means your current policy will be replaced and you will receive a check for the premium difference.

There are special options for policyholders that have a preferred policy but are considered to be in a high risk zone now.  We will need to look at each situation to determine the best option for you.

What is the cost of a preferred risk flood policy?
The maximum coverage available is just $450 for your primary residence and includes coverage for your dwelling in the amount of $250,000 and contents of $100,000.  Other options are available.

What causes flooding besides a hurricane (storm surge)?
Some examples are a levee breach or failure, torrential rain, failure of pumps that otherwise keep us safe or a fire hydrant hit by car.

How do I know if I am in a "Flood Zone"?
If you live in Florida, you are in a flood zone.  The policy and premium available depends on whether you are in a high risk or low risk zone.  You have more options available if you have a flood policy in affect now.  You need an agent to help you through the process and make sure you are paying the appropriate premium.

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