Flood Insurance…It’s Baaack

flood

Remember that old flood insurance topic…the one we thought was resolved and finished? Guess what, it’s not. About 6 months ago Jackie Speier asked FEMA to delay the implementation of their new map to give time for San Mateo to complete their work on the levees and eliminate the need for flood insurance. Well, FEMA essentially said no. Actually they said their hands are tied, we’re real sorry. A few days ago, Foster City issued a press release stating that FEMA doesn’t have the authority to withhold the publication of maps and that Foster City residents are going to need to purchase flood insurance.

This may be a little confusing, (or maybe alot confusing) but you’ll get a better rate if you buy just before the deadline than you would now…or certainly after the deadline. There’s an important point here, CALL YOUR INSURANCE AGENT AND ASK THEM WHEN THE BEST TIME TO BUY THIS INSURANCE. To minimize your costs on this issue it’s going to be really important to be proactive here. Supposedly, when the levees are completed the need for the insurance won’t be necessary…but who knows. That’s another question to ask.

The biggest question for me, one that I don’t have an answer to, is what does this mean for HOA’s? If you live in a condo or townhouse, I suggest you contact your management company and ask them what impact this will have on your monthly dues.

Again, make sure to look at this press release and certainly call your agent to make sure you’re on target.

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