FEMA recently released the draft flood maps that have moved many property owners to a higher risk flood zone than what they were previously mapped in.  In Key West alone, over 2,000 properties may be moved from the X zone where flood insurance is not required by lenders into a Special Flood Hazard Area (SFHA) where insurance will be required.

Fortunately for these property owners there is the "Grandfathering Rule" option. According to FEMA's website, when flood map changes occur, the National Flood Insurance Program (NFIP) provides a lower-cost flood insurance rating option known as “grandfathering.” It is available for property owners who:

• Already have flood insurance policies in effect when the new flood maps become effective and then maintain continuous coverage; or
• Have built in compliance with the FIRM in effect at the time of construction.

Their website also says that timing is important because owners of most pre-FIRM buildings (built before the first flood map became effective) have only one chance to grandfather and lock in existing zone fore future rating. To read more about the Grandfathering Rule click here. 

To view the flood maps for your location, click here.