Effective October 1, 2016, the revised flood maps finally took effect. This will be great news for almost every homeowner on the east bank of New Orleans, as the Base Flood Elevations are being lowered. This means flood premiums will go down.
If your zone changed from an A- to a preferred X-zone, you should have already received a refund. Check with your insurer if you haven’t received your check
If you are still in an A zone, the Base Flood Elevation was likely lowered.
Contact your insurance agent and ask them to re-rate your policy. They will require you to have a flood elevation certificate.
- They may have one on file already
- In some cases an old flood elevation certificate did not help lower your premiums. In this case the insurer probably does not have a copy, check your files to see if you have a copy – it may help now!
- Your insurance agent can help you order a new elevation certificate from a surveyor. Usually under $250, many homeowners finds this pays for itself in just a few months!
If you did change from an A to an X, flood insurance won’t be required by lenders. If you drop the flood insurance, you will save a few hundred dollars a year (yes full coverage in an X zone is cheap). But the risk of flooding, which was once borne by the National Flood Insurance Program (NFIP) will now be borne solely by you if you drop coverage “because it wasn’t required.”