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I understand that FEMA is doing with some revisions for the risk rating. I have a property located on a lake that is located in the flood zone. The property has 2 buildings that we require they carry flood insurance. The property was a grandfathered property with a flood zone of AE, which was previously reflected on each of their flood policies. We recently received the renewal evidence of insurance. One policy still shows the Flood Risk of the AE but the other renewal policy has been changed to Flood Risk X. The premium for that policy has increased by approximately $100 from last year if that matters. Also, both polices now say they are not a grandfathered property if that matters as well. Is the revision of the Flood risk from AE to X acceptable or do I need to ask the insurance company to change the risk rating back to the AE, which is what is on our flood determination?
You need to work with your determination company to see if the flood zone has changed. FEMA changes maps, rate structure, and grandfathering rules from time to time. The changes are based on the specific property. You can also do your own flood determination using FEMA’s Flood Maps (at https://msc.fema.gov/portal/home) at no charge.
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