Flood Basics

Did You Know...

There are over 25,000 flood insurance policies in force in Volusia County providing $7.5 billion in property coverage?
Because Volusia County has adopted more stringent flood mitigation measures, unincorporated Volusia County has received a Class 6 (out of 10) rating in FEMA’s Community Rating System (CRS); and that there are only 37 other communities, out of the 21,000+ in the US, that have a better rating?
Unincorporated Volusia County residents enjoy a 20% discount on their flood insurance policies each year because of its excellent CRS 6 rating?
The Class 6 CRS rating saves the average property owner close to $100 per flood insurance policy each year in high risk areas?
The Class 6 CRS rating saves the community more than $500 thousand in flood insurance premiums per year?
Residents in other areas within Volusia County should contact their municipal/town administrative office for more information on their community's CRS rating and subsequest discount.

Flood insurance is an important first step in protecting your financial investment. Over the life of a 30-year loan, a home in a high-risk area (known as a Special Flood Hazard Area) has about a 3 times greater chance of having a flood than having a fire. In accordance with the Flood Disaster Protection Act of 1973 and the National Flood Insurance Reform Act of 1994, flood insurance is required for all structures located in a high-risk area, that carry a home mortgage loan backed by a federally-regulated lender or servicer. The risk can vary dramatically from neighborhood to neighborhood and within a neighborhood. Remember, flood insurance is available for all properties, regardless of risk designation, and that homeowners insurance does not typically protect you from flood damage. Learn more by visiting the National Flood Insurance Program consumer website.

With the new maps, some property owners' flood insurance requirements have changed. However, options exist that will allow property owners to save money while still protecting their property.

IF MAPS SHOW…	THESE REQUIREMENTS, OPTIONS AND SAVINGS APPLY
Change from low or moderate flood risk to high risk	Flood insurance is mandatory. Flood insurance is federally required for most mortgage holders. Insurance costs will rise to reflect the true (high) risk. Grandfathering offers savings. The National Flood Insurance Program (NFIP) has "grandfathering" rules to recognize policyholders who have built in compliance with the flood map or maintained continuous coverage in the NFIP. Your insurance agent can provide more details on how to save.
Change from high flood risk to low or moderate risk	Flood insurance is optional, but recommended. The risk has only been reduced, not removed. Flood insurance can still be obtained, at lower rates. Twenty-25 percent of all flood insurance claims come from low to moderate risk areas. Conversion offers savings. An existing policy can be converted to a lower-cost Preferred Risk Policy.
No change in risk level	No change in insurance rates. Residents can talk to their insurance agent to learn their specific risk and take steps to protect their property and assets.

Flood Statistics