What will happen if my property is remapped from a moderate- or low-risk area to a high-risk area?
If the new maps — once adopted — indicate the building on your property is now at a higher risk for flooding, you will be required to purchase a flood policy if you carry a mortgage from a federally regulated or insured lender. If you do not have a mortgage, it is still recommended that you purchase flood insurance. During the life of a 30-year loan, there is about a 2½ times greater chance of having a flood in your home than having a fire. And most homeowners insurance policies do not provide coverage for damage due to flooding.

The National Flood Insurance Program (NFIP) has extended the low-cost Preferred Risk Policy eligibility period for two years to properties newly mapped into a high-risk zone. In addition, there are “grandfathering” rules to recognize policyholders who have built in compliance with the flood map or who maintain continuous coverage.

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1. What is a floodplain and how do I determine if my property is located in this area?
2. Why is Manhattan getting new flood hazard maps?
3. How might the new flood maps affect me financially?
4. How can I reduce the cost of flood insurance?
5. Who is responsible for updating the maps?
6. What is a Flood Insurance Rate Map?
7. What are the benefits of the new FIRMs?
8. How will the new FIRMs affect me?
9. What will happen if my property is remapped from a moderate- or low-risk area to a high-risk area?
10. What will happen if my property is remapped from a high-risk to a moderate- or low-risk area?
11. What does the new Homeowner Flood Insurance Affordability Act mean for me?
12. When do the new maps become effective?