When a building is remapped into a moderate- or low-risk area, there is no longer a federally mandated requirement to purchase flood insurance. However, the risk has only been reduced, not removed. Flood insurance is still recommended.
Upon the effective date of the new maps, you may be eligible for a lower-cost Preferred Risk Policy (PRP). Through your insurance agent, you can easily avoid any gaps in your flood coverage and receive a refund of unused premium by converting your existing policy to a Preferred Risk Policy back to its last effective date.