Time to renew flood insurance is hereFargo, ND (WDAY TV) - For people that bought flood insurance last year at this time it's time to renew that insurance, and there may be a financial incentive this year.
For people that bought flood insurance last year at this time it's time to renew that insurance, and there may be a financial incentive this year.
Our drier weather and lower river levels may have some people wondering if they should renew their flood insurance this year. But with new flood maps about to come out from FEMA there may be a long term advantage in keeping flood insurance.
Jeff Klein – State NFIP: “It does give you a lower rate compared to the 100 year flood plain rate, and as long as you keep that in effect-continuously in effect-you're entitled to that rate.”
According to FEMA, homeowners that buy new flood insurance policies will also be grandfathered in for two years at current rates even if the status of their properties change with the new maps and they may be eligible for a longer term discount.
Because flooding can happen at any time and with short notice FEMA and state insurance officials hope that homeowners in at risk areas will always consider flood insurance as a necessity all the time.
FEMA will be in Fargo on February 22nd to help homeowners with what changes in the flood maps could mean.