Federal Emergency Management (FEMA) and Revere city officials will host a meting to discuss the new Flood Insurance Rate Maps that go into effect on March 16, 2016.
The meeting will be held on Tuesday, January 19 from 5 to 8 p.m. at the James J. Hill Elementary School Cafeteria, 51 Park Ave., Revere. However, officials warn that although the flood maps have been adopted, FEMA and city officials will not be able to tell individual homeowners or business owners whether or not they will have to take out additional flood insurance.
If you have a federally backed loan you will have to speak with your loan company to determine whether or not you need flood insurance. The city will not be able to determine that for people who attend the meeting next week.
Two years ago FEMA came out with their new maps for the National Flood Insurance Program (NFIP) two years ago. With a lot of the city bordering water meant more homes and businesses would have to pay higher premiums for insurance under the new maps.
Revere adopted the maps so property owners can qualify to purchase and maintain federally subsidized flood insurance through the NFIP. The city is also eligible to receive federal disaster assistance in the case of a flood emergency by adopting the maps.
At the state level, legislators passed the flood insurance protection bill, arguing that the new flood zone maps could lead to significant increases in flood insurance premiums for coastal property owners with NFIP policies and will likely require some property owners to purchase flood insurance for the first time.
The bill was signed by former Governor Deval Patrick and allows home and business owners to purchase flood insurance based on the balance of their mortgage rather than having to pay unaffordable premiums.
The bill bans lenders for requiring property owners here and across the state from requiring more flood insurance than what is left on any particular loan. Tying the amount of coverage to the outstanding balance rather than the replacement value of the home will lower premiums for those impacted by the change. Creditors are also banned from including a deductible of less than $5,000 and requiring coverage for contents of the home.
For example if a home is appraised at $300,000 but there in only $100,000 left on the note the home or business would only need to purchase $100,000 worth of coverage.