It’s almost over….we hope!
Seems like ages since this whole discussion about flood insurance and FEMA began, doesn’t it? Well it came to light last week that the City of San Mateo has largely completed it’s project of fixing the levees that separate that town from Foster City and they have appealed to FEMA to request that these communities be removed from their flood zone classification that could have triggered mandatory flood insurance. Of course, it’s not certain when FEMA will respond to that request, but it sure is a good sign that you won’t be required to buy that flood coverage as once was feared.
I swear…this is a really confusing subject. Maybe I’m just dumb. It would appear that FEMA has, in fact, released the dreaded flood map that will require folks around here to buy flood insurance. Except…maybe not.
According to the San Mateo Daily Journal, Foster City residents will be required to buy flood insurance as a result of this map except:
“The flood map will not impact insurance rates at least until December, however, as levee improvements the city of San Mateo is currently making should bring the Shoreview neighborhood and Foster City out of the flood zone completely”.
Huh? We’ve always thought that the levee construction taken by San Mateo will resolve the levee issues that have caused the remapping. It would appear from the article that the insurance rates will become effective in December…but the levee repairs will be completed by January 2012. Does that mean the FC homeowners need to pay only one month of flood insurance? Is that map removed or redone in 2012?
I’m confused…here’s the Daily Journal story. If you know the answers to this feel free to enlighten me…and us.
Honestly, this has been confusing me for the last several months. I keep hearing from insurance folks that this fall was going to be the time that the FEMA flood map would require everybody to buy flood insurance, yet nobody I know had received a notice that they needed to do that. Turns out that
“San Mateo filed a request with FEMA requesting that the boundary of the assessment district be granted a “Zone A99/Adequate Progress” designation. FEMA is currently reviewing the city’s request and will not issue a final letter of determination regarding the new map until this issue has been resolved. This means that the date for finalization of the new revised map is uncertain.”
Once Foster City gets notified of that there will be 6 months to buy the insurance, hopefully at a lower rate. It’s also important to note that work is being done on the San Mateo side that will eventually solve the problems here. There was a nice article in yesterday’s San Mateo Daily Journal about this whole topic…here’s a link below.
I’ve got to believe that this is all going to work it’s way out and nobody is going to get hammered by high flood insurance rates. Let’s hope.
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!