FEMA updated Flood Maps...so are you required to buy Flood Insurance?

What the NSF fee is to a bank (big buck revenue) regulation is to our government. Regulations are designed to generate revenue in case you have not noticed. For example even though I am licensed with my state and working for a licensed company I have to FOR A FEE take a national test to see if after 25 years I know what I am doing. That's government regulation.

FEMA is the most recent to assault our industry (behind Summers, Timmy G, our friend the AG of NY Cuomo, Shaun Donovan (HUD), Barney Frank and the soon departing Chris Dodd) and decided to update their flood maps. So what does this mean for you? Your property may be in a flood plain and you will be compelled to purchase flood insurance!

You can apply for flood insurance through your insurance agent however you are really purchasing it from your very own government. So if you live in an area that has flooding nearby you may have been put in the flood plain and a policy will have to be purchased by you from the government. Your lender may contact you and request flood insurance be added to your existing policy.

Here is the link to check to see if your property is now in a flood plain:

http://msc.fema.gov/webapp/wcs/stores/servlet/FemaWelcomeView?storeId=10001&catalogId=10001&langId=-1&userType=G

If you are in a flood plain then it is a good idea to purchase flood insurance but if you believe the map is incorrect (and many maps are for a variety of reasons) you can at your expense have your property surveyed to determine the topography or layout of the land in context to your home and flooding. It is not cheap but in the long run if you don't flood it will save you a pile of money.

I wish us all well.