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.

There sure seems to be some good news for folks in Foster City about the flood zone changes that sure seemed to be coming from FEMA. It seems that Jackie Speier has sent a letter to FEMA asking that they officially delay the implementation of the new map to March or April of 2011 to give San Mateo time to complete the construction of levee updates needed.

Just in case you missed it, City of San Mateo property owners approved an Assessment district whereby they will be paying the construction costs of the levee improvements necessary to gain compliance. Even if there is some Federal stimulus money coming, they have a structure in place to pay for the improvements anyway through that new district.

Assuming Jackie’s request is granted that should prevent both San Mateo and Foster City residents from having to buy flood insurance. That’s real good news…especially if you live in a condo or townhouse in Foster City!