A lot of changes had happened with flood insurance across the country. Kickstarted by the update to federal flood insurance with Risk Rating 2.0, a lot of things also need to be addressed when it comes to people who are buying and selling properties.

Things Realtors Should Know About Flood Insurance in Golden Isles, GA

Today's blog focuses more on the things you should know as a realtor in Golden Isles and Saint Simon Islands, Georgia when it comes to flood insurance.

CBRA Zone

One of the most important things we need to address is the overall geolocation of Saint Simons Island, Georgia, and why it's important for realtors to know why being in the coastal zones is important when it comes to flood insurance.

The Coastal Barrier Resources Act (CBRA) is generally the federal government's move in order to ensure that our coastal barriers are developed and modified. Considering that the properties in Saint Simons Island are basically within reach of the coasts of the Atlantic Ocean, the CBRA is implemented in the area.

Being in a coastal area like this will no doubt see its structures flooded due to storm surge, coastal erosion, or worst tsunamis. With the risk of flooding this high, you might be doubting if flood insurance is available for property owners of Golden Isles.

Is Flood Insurance Available?

The good news for realtors is that you can still sell houses in Golden Isles and secure that flood policy for your customer to protect both buildings and personal property however, there's a catch. The thing is, properties that are already built or under construction are the only ones that can get flood insurance through the Federal Emergency Management Agency (FEMA) and the National Flood Insurance Program (NFIP). It's important to mention that this is only applicable if the property itself is prior to the prohibition date of the Coastal Barrier Resources System (CBRS).

As a realtor, it's also important to note if there are substantial improvements that are "over 50 percent of the structure's market value" made for the coastal home, flood insurance will no longer be available from FEMA and the NFIP. 

Changing Flood Zones

We've mentioned in the introduction how Risk Rating 2.0 is changing the flood insurance scene. One of its biggest impacts is moving out of using flood zones as a basis for flood insurance rates.

You might have encountered a lot of potential buyers rejecting to buy a house in Saint Simons Island because it's basically flood-prone and it's located in a high-risk flood zone. Generally, these concerns lean more towards homeowners being scared off by potential flood insurance rates skyrocketing.

The good news you can tell as a realtor is that being in a coastal flood zone, like Flood Zone V, won't really impact flood insurance premiums with the Risk Rating 2.0 in federal flood insurance. This is one thorn you can snip off their sides since basically all the flood premiums' would be concerned of are things like how much flood happens in the area, what type of floods impact the property, are there flood mitigations made in the property, and how it's built like the property's foundation to name a few.

So it doesn't really matter anymore if you're selling a property that's in a high-risk flood zone since it won't these flood zones no longer have a bearing on overall flood insurance costs. It's important to note, however, that a flood insurance policy will be required by the buyer's mortgage for any/all properties that are located in a high-risk flood zone or the special flood hazard area (SFHA).

Benefits of Private Flood Insurance

Lastly, we've been covering most of these flood insurance tips for federal flood insurance, so it's due time we move to the other flood insurance option. It's not always that FEMA and NFIP are your only way to get flood insurance.

Private flood insurance has been known for providing a more convenient flood insurance policy for homeowners and business owners alike. This is mostly owed to the fact that private flood generally has cheaper flood insurance premiums.

It's also important to note that even before there was a Risk Rating 2.0 update, most private insurance companies base their rates or premiums for flood insurance on what's called a flood risk score. This flood risk score looks into multiple factors and determines the overall risk of flooding for the specific property.

READ: Risk Rating 2.0 Georgia

This is something that every realtor should know by heart because once your buyer starts shying away after seeing a quote for flood insurance from FEMA and NFIP, you can guide them to their other flood insurance option.

Things Realtors Should Know About Flood Insurance in Golden Isles, GA

Another benefit of going through private flood insurance is its coverages. When you go to federal flood insurance and the NFIP, you'll have to get coverage for at least 80% of your property. This insurance coverage from NFIP also maxes out on $250,000 for residential building coverage and can go up to $500,000 for commercial properties. Both residential and commercial properties only get $100,000 in contents or personal property coverages.

The same can't be said for private flood insurance since most of these carriers will allow you to find more flexibility for coverages. So if the property is less than $250,000, you can still have it fully covered and have your customer lower their premiums. On the other hand, this also means that there are no coverage limits, so properties that are valued at more than $250,000 (i.e. $350,000) will get full coverage.

All of these benefits can easily be provided to the property within 3 to 14 days which is a drastic difference between the strict 30-day wait period of NFIP.

As a realtor in Glynn County, Georgia, this flood insurance information is something that you should know since it may directly impact your sales. It's important to note that at least 72.8% of Glynn County's residents will see an increase in their flood insurance rates with FEMA and NFIP.

So if you have any questions on flood insurance, click below to access our Flood Learning Center.

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You can also click the picture below to call us for your flood insurance concerns.

The Flood Insurance Guru | 2054514294

Remember, we have an educational background in flood mitigation which lets us help you understand flood risks, flood insurance, and how these impact the real estate industry.

Rivian, an American electric vehicle automaker, and automotive technology company, already has plans underway for the development of an electric vehicles plant in Georgia. Considering that both Amazon and Ford already joined forces in order to help Rivian get a boost in the industry, these plans may be far from being canceled.

What Rivian's Electric Plant Development Mean for Flooding in Georgia?

Today, we want to talk about what impacts this type of development has on flooding for Georgia and some tips on what you need to do with your flood insurance.

Developments and Flood

First, let's look back into the overall negative impacts of urban development when it comes to flooding.

In research from 2016 from the United States Geological Survey (USGS), it's found that urbanization has a direct impact on flooding. In this research for Illinois alone, they were able to find that in a 2-year span, there's a possibility of seeing a hundred to 600 percent increase in flood peak discharge due to urbanization. This data was gathered from Mercer Creek and Salt Creek in Illinois and you should keep this in mind since it will be valuable info later.

When it comes to Georgia, a lot of development is also going on to cater to more housing and urbanization. The same could easily be said for our state. The thing about these floodings when it comes to developments and urbanization is that it simply doesn't increase flooding for high-risk flood zones only.

Generally, all those developments are causing an increase in water runoff because water has nowhere to go. Also, changing the soil that naturally sips floodwater into cement causes this issue with flooding. Most of these waters go to low-lying areas and even low-risk flood zones like Flood Zone X.

This has been proven in 2017 when research from Georgia State University (GSU) also found an increase of 26% in annual streamflow for areas that were developed or urbanized from 1986 to 2010, as well as a doubling of high-flow days for Suwanee and Big Creek.

So, how will this new electric vehicle plant impact flooding in Georgia?

Rivian's Developments

This new development for the electric vehicle plant is considered to be the largest economic development project that Georgia will see in its entire history. The development will cover about 2000 acres of land. 55% of these lands are intended for agricultural and residential zones.

Considering the scale of this planned site, it's no question that this will cause a lot of burdens when waters start to rise and rain starts to pour. We've already mentioned before how changing the natural soil to cement can cause a lot of water to have no place to go but the neighborhood. The city of Social Circle itself is creating a movement to thwart this $5-billion development plans ahead of time.

What Rivian's Electric Plant Development Mean for Flooding in Georgia?

The plant is planned to cover land across the Walton and Morgan Counties in Georgia. What is notable about these two counties when it comes to flooding is that Walton has an increased risk for roads, commercial areas, and infrastructure. This is something noteworthy because most of the fatalities we see when there's flood are located or involves road, so this could mean an increase in flooding for these locations can also present dangers for the lives of motorists.

On the other hand, Morgan county is facing more concern when it comes to flooding already as their increasing risks from moderate levels might also see some significant impacts of this development. It's notable that roads and infrastructures might move into a major risk level whereas residential, commercial, and social areas are going to move into more of a moderate risk of flooding.

Flood Insurance Protection

There's no other way out when floodwater starts inundating your property. Flooding has been considered for many years to be the most common natural disaster that happens in the United States. We might not be able to thwart these plans for the plant, but we can still ensure that we will be able to protect ourselves from the expected results of development on that scale.

Flood insurance isn't just insurance for your property but also acts as an assurance that you don't really need to worry about what gets taken by flood damage because you will definitely have coverage for it. Georgia residents can get flood insurance from either front: the federal government-backed through the National Flood Insurance Program (NFIP) and the Federal Emergency Management Agency (FEMA) or through the private flood insurance market.

What Rivian's Electric Plant Development Mean for Flooding in Georgia?

Getting this type of insurance is one of the most important things to have for a homeowner, business owner, and even renters especially in the 21st century. Nowadays, a lot of factors come into play when it comes to the increased risk and amount of flooding we're getting; not just developments and urbanization.

To learn more about flood insurance, how you might be impacted by this development in Georgia, what your flood insurance options are, or any questions about floods, click below to access our Flood Learning Center.

Flood Insurance Guru | Service | Knowledge Base

You can also click here to call us, so we can talk about your flood concerns.

The Flood Insurance Guru | 2054514294

Remember, we have an educational background in flood mitigation which lets us help you understand your flood risks, flood insurance, and mitigating your property long-term.

We're going deeper into the fall season and starting this month, we're going to welcome the new Risk Rating 2.0 program from the National Flood Insurance Program (NFIP) and the Federal Emergency Management Agency (FEMA).

Do Flood Zones in Georgia Matter Anymore?

Along with this update to federal flood insurance, Georgia is facing another challenge with the precipitation that seems to also make updates as rainfall amounts this October 2021 exceed the average.

Today, we want to talk about what this means for Georgia, flood insurance, and flood risks especially with the Risk Rating 2.0.

It Pours in Georgia

Georgia is not even a month away from the flood damage that was brought about by last month's excessive rainfall and sinkholes, but the state's already facing another hurdle as rainfall amounts this Monday (October 4th) exceed the average rainfall amounts every October.

The National Weather Service (NWS) is already issuing flash flood warnings across the state as we're expecting 2 to 5 inches of rain to get dumped on the state within the week. Central Georgia specifically is under close watch from the NWS during this weather pattern.

Do Flood Zones in Georgia Matter Anymore?

This flash flood warning only means that it's more likely for Central Georgia to see flooding which is why both FEMA and NWS immediately issued it even before the rain starts pouring. What's equally important to mention is that this type of weather will also impact flood insurance premium rates with the new Risk Rating 2.0 program.

The Lookback: Risk Rating 2.0

As we welcome October and pumpkin spice here and there, we should also welcome the new federal flood insurance program. We're currently in the transition period of changing the flood insurance game with the Risk Rating 2.0.

This new program is deemed equity in action as it aims to provide the most accurate flood insurance rates by using each property's unique flood risks. The new Risk Rating 2.0 program will start to look at multiple flood risk variables or factors in order to finalize your rates and this way it hopes to make it fair for each property owner when they pay flood insurance.

Do Flood Zones in Georgia Matter Anymore?

With the flood risk variables kicking in, your property's going to get a final flood risk score that covers addresses your risks and how they contributed to calculating your rate. We'd like to put it simply as "the fingerprint of your flood risks".

These flood risk variables will cover multiple areas concerning your property and the nature of floods. One of the biggest changes is that this new program will only look at flood zones as a regulatory reference. This means that flood zones will no longer impact rates, but can still demand you to get flood insurance if you're in the special flood hazard area (SFHA).

The things that will determine your flood risk and flood insurance rates will cover both things from the legacy program and new things with the Risk Rating 2.0. We've put down a list of the things that are staying and the new kids in the block when in the federal flood insurance scene.

Do Flood Zones in Georgia Matter Anymore?

The remaining features are as follows:

The new things that will come with the Risk Rating 2.0 are as follows:

  • Types of floods. This can be either pluvial or the accumulated water due to rain, runoff of collected water that flows from higher areas, storm surge and coastal erosion, dam/levee damage or overflow, and even a combination of these things.
  • Flood frequency. How often do these floods happen on your property or in your area?
  • First-floor height and elevation of the structure. A new feature that determines your flood risk score is the distance between the ground (grade) from your first floor or the first habitable floor of your property.
  • Flood Risk Mitigation Measures made on the property. Is the lowest floor above the base flood elevation? Are there enough flood openings to let floodwaters through?
  • Replacement Cost. How much will it cost insurance companies to rebuild or repair your home when damaged?

Do Flood Zones in Georgia Matter Anymore?

What The Rainfall Tells

As you can notice, a lot of flood data is coming into play with the Risk Rating 2.0. At the time of writing, about 75% of the properties in Georgia will see an increase in flood insurance premium rates. This increase can be more than $100 per month ($1200 per year). 

With this type of change in temperatures, hurricanes being more powerful and frequent, and the same heavy rainfall that the NWS is expecting this week, we may also see a big shift when it comes to rates. In order to understand, we need not look far than the types of flood and flood frequency data that are coming to the state.

This rain simply shows FEMA and the NFIP that flash floods are mostly impacted by how heavy rain is or isn't; ergo the type of flood is mostly pluvial since the geography of Central Georgia seldom has any body of water. However, areas like Brunswick on the eastern coasts will face the trouble of coastal floods.

Equally, if this type of weather pattern persists and the amount of heavy rain continues, we might also see impacts due to flood frequency. Remember that whenever an area received a lot of rain, the ground starts to become oversaturated with water thus continuous rainfall can mean that rain will be like hitting solid cement leading to further and more frequent flooding.

Do Flood Zones Really Matter Anymore?

When we look back at the recent flooding that Georgia experienced in its northern areas especially in Atlanta, the flooding wasn't really because the city was in a high-risk flood zone like Flood Zone A nor is it in the special flood hazard areas (SFHA). On the contrary, Atlanta is one of the cities in Georgia that are mapped into a low-risk flood zone — Flood Zone X specifically — yet they were still flooded.

Do Flood Zones in Georgia Matter Anymore?

If we were to move out of Georgia, we can see how New York was flooded during Hurricane Ida. In Tennessee, the small town of Waverly was also heavily damaged due to consistent heavy rainfall back in August which took the life of at least 22 people. Like Atlanta, these areas were also mapped into Flood Zone X.

Do Flood Zones in Georgia Matter Anymore?

These events showed us that flood zones don't really determine the amount, frequency, and severity of the flooding your property might get. Flood zones seem to no longer indicate future flood risk and what happened to Atlanta, New York, and Waverly should make us see that flood zones aren't the only driving force when it comes to flooding.

Like we always say here in the Flood Insurance Guru, the 'no-risk zone' never existed and every home can get inundated by water in a blink of an eye. It's always best to prepare for this type of disaster by making sure you're safe and your property is insured.

If you have any questions on flood insurance in Georgia, how to buy one for your property, what are your options, or anything related to floods, reach out to us by clicking below to call us.

Contact Us

You can also access our Flood Learning Center to get quick answers to your flood questions from risks to insurance.

Flood Insurance Guru | Service | Knowledge Base

Remember, we have an educational background in flood mitigation which lets us help you understand flood risks like heavy rainfall, your flood insurance, and mitigating your property long-term.

Stay safe, Georgia.

Today, we dive deeper into more specific territories and discuss the changes coming with the National Flood Insurance Program (NFIP) Risk Rating 2.0 to Atlanta in Fulton County, Georgia.

Georgia Flood Insurance: Atlanta Risk Rating 2.0 Update

We've already covered the state of Georgia and the changes that it will get when it comes to the average cost of standard policies from the NFIP through the Risk Rating 2.0. This new program is something that both federal and community officials have been working on to make sure that they will level your flood insurance investments depending on your individual risks.

We want to talk about major counties in Georgia, just like Fulton County which is the home to Atlanta-Fulton Stadium, the Braves, and awesome street arts, and really understand the impacts of the new Risk Rating 2.0 from FEMA.

Georgia Flood Insurance: Atlanta Risk Rating 2.0 Update

Risk Rating 2.0: What Changes?

This is what Federal Emergency Management Agency (FEMA) calls equity in action when it comes to making the cost of flood insurance policies fairer per policyholder. This simply means that when it comes to flood insurance rates, a lot of things will start to change with the NFIP and FEMA. Generally, this is because property values for each individual property will be accounted for when finalizing your quote and flood insurance premiums with the National Flood Insurance Program (NFIP). In turn, the NFIP and FEMA make sure that you will get accurate flood insurance rates for your policy.

It's important to note, however, that this won't mean that the cheapest flood insurance will go automatically to lower-valued homes, and higher-valued homes or expensive properties will cause a big headache for the property owner. It's equally important that we take into account, just like FEMA does and the private flood insurance industry, what's called flood risk variables from expansive flood studies. There are things that are staying and changing when it comes to calculating your flood risk score.

The remaining features are as follows:

  • Zone designation in the flood insurance rate map (e.g. special flood hazard areas (SFHA) or preferred flood zones)
  • Distance to a body of water such as a river, lake, or even the coastline
  • Prior flood insurance claims or flood claims made with the property
  • Policy assumption and grandfather rule

The new things that will come with the Risk Rating 2.0 are as follows:

  • Types of floods that your property experience. This can be either pluvial or the accumulated water due to heavy rainfall, runoff of collected water that flows from higher areas, storm surge and coastal erosion, dam/levee damage or overflow, and even a combination of these things.
  • First-floor height and elevation of the structure. A new feature that determines your flood risk score is the distance between the ground (grade) from your first floor or the first habitable floor of your property.
  • Flood Risk Mitigation Measures made on the property. Is the lowest floor above the base flood elevation? Are there enough flood openings to let floodwaters through?

Now that we've covered the NFIP and the Risk Rating 2.0, let's talk about its impact on Atlanta, Fulton County. We'll cover the good, the bad, and the ugly changes coming to the residents of the city.

Georgia Flood Insurance: Atlanta Risk Rating 2.0 Update

The Good

When we're talking about these changes, we want to emphasize that this will solely involve flood premiums changes or updates from FEMA and the NFIP. Let's kick this off with the good changes coming to residents of Atlanta.

The good changes will involve an immediate decrease in flood premiums with FEMA. This decrease can go up to more than $100 (>$1200 per year) and will impact 35.5% or 1,401 National Flood Insurance policies in force in the city. We divide these changes into two parts.

The first covers the decrease in flood insurance rates or premiums that ranges from $0 to $50 per month (up to $600 per year). About 1,030 or 26.1% of the policies will be impacted by this change.

On the other hand, you have a better deal with the second part of this good change since it generally covers 371 or 9.4% of the national flood insurance policies in force. The immediate decrease ranges from $50 to more than $100 per month ($600 - >$1200 per year).

Considering that the national average when it comes to premiums is about $1000 across the United States, this can really help a lot of people get flood insurance through FEMA especially when we're talking about coastal zones where flood risks can be extremely high and get the bulk of the damages from natural disasters.

The Bad

If there are good changes, there are also bad ones. This change from the Risk Rating 2.0 will get increase your flood insurance costs when it comes to FEMA and the National Flood Insurance Program (NFIP).

The increase will range from $0 to $10 per month (up to $120 per year) and will impact about 2,374 or 60.1% of the policies in the city itself. Now, this increase may seem so small, but you have to consider that this takes the biggest percent out of the population in Atlanta.

Now that we're facing increased climate risks, it's hard to ignore that the risk of flooding in areas that sit near the coastline is safe from the damage from floods.

The Ugly

Now, let's move deeper and into the ugly changes. For this part, we want to emphasize that we divided this into three parts: the ugly, the uglier, and the ugliest change. Let's dive into specifics.

First, the ugly change will be covering about 92 or 2.3% of the policies. The reason why this falls under the ugly change is that the increase is now noticeable since it ranges from $10 to $20 per month ($120 to $240 per year). 

On the other hand, you have the uglier change which is something that about 74 or 1.9% will experience. This time around, the increase won't be bearable since it ranges from $20 to $50 per month ($240 to $600 per year).

Lastly, you can also see few Atlanta residents fall on the ugliest side. This mostly involves about 7 or 0.2% of properties in the city. Although it's a very small number of people, you have to realize that the increase ranges from $50 to more than $100 per month ($600 to >$1200 per year in annual premium).

This can really make it difficult to go into federal flood insurance and even a harder experience if the private flood insurance market is not available to protect you from floodwaters. Regardless of where you fall on these three, considering that the average premium across Georgia is about $700, this type of increase can really hurt your budget and we won't even blame you if you want to get private policies.

Georgia Flood Insurance: Atlanta Risk Rating 2.0 Update

The National Flood Insurance Program

The National Flood Insurance Program (NFIP) is the answer of the federal government when it comes to flood concerns. This program was established ever since 1968 through the National Flood Insurance Act of 1968. The NFIP is currently working as the federal or government agencies' flood insurance for the United States and its residents. FEMA and NFIP always look into analyzing and studying floodplain devolvement, flood model management, flood insurance, and disaster assistance. So, what does the NFIP cover?

First, it's important to keep in mind that flood insurance is a separate policy from your usual homeowner's insurance and auto insurance policies. This means that if your house gets inundated during a flood event, it won't be the homeowner's policy that will give you flood coverage.

Now that we got that out of the way, the National Flood Insurance Program (NFIP) provides coverages for the flood damage that your property will sustain. The property will involve both the dwelling or the building itself — either residential property or commercial — as well as the contents or the personal property that's inside the insured home. NFIP flood insurance will provide coverage for the dwelling that maxes to $250,000 and contents that maxes to $100,000.

There's also additional coverage that comes in when you're a participating community in the National Flood Insurance Program (NFIP) which can be enjoyed through the Community Rating System (CRS) and the Increased Cost of Compliance (ICC).

When Will It Happen?

The Risk Rating 2.0 from the National Flood Insurance Program (NFIP) will take effect starting this October 1st, 2021. It's important to note however that you really don't need to immediately adopt these new rates once Fall comes. The NFIP will allow you to adopt these new rates on your renewal, so if you just renewed your policy with FEMA last April then you can move into the new rates in April 2022.

At the end of the day, we're still subject to extreme weather events, and our friends in coastal areas are more prone to the dangers of these disasters. It's best to know where to get a policy best because we've seen that even without floods, a lot of people still drown due to these expensive insurance premiums.

If you have questions on your flood insurance options in Georgia, your flood risk score, or anything about flood, reach out to us by clicking below. Remember, we have an educational background in flood mitigation which lets us help you understand flood risks, your flood insurance, and mitigating your property long-term.

Get Your Flood Risk Score Here!

Today, we dive deeper into more specific territories and discuss the changes coming with the National Flood Insurance Program (NFIP) Risk Rating 2.0 to Savannah in Chatham County, Georgia.

Georgia Flood Insurance: Savannah Risk Rating 2.0 Update

We've already covered the state of Georgia and the changes that it will get when it comes to the average cost of standard policies from the NFIP through the Risk Rating 2.0. This new program is something that both federal and community officials have been working on to make sure that they will level your flood insurance investments depending on your individual risks.

Georgia Flood Insurance: Savannah Risk Rating 2.0 Update

Risk Rating 2.0: What Changes?

This is what Federal Emergency Management Agency (FEMA) calls equity in action when it comes to making the cost of flood insurance policies fairer per policyholder. This simply means that when it comes to flood insurance rates, a lot of things will start to change with the NFIP and FEMA. Generally, this is because property values for each individual property will be accounted for when finalizing your quote and flood insurance premiums with the National Flood Insurance Program (NFIP). In turn, the NFIP and FEMA make sure that you will get accurate flood insurance rates for your policy.

It's important to note, however, that this won't mean that the cheapest flood insurance will go automatically to lower-valued homes, and higher-valued homes or expensive properties will cause a big headache for the property owner. It's equally important that we take into account, just like FEMA does and the private flood insurance industry, what's called flood risk variables from expansive flood studies. There are things that are staying and changing when it comes to calculating your flood risk score.

The remaining features are as follows:

  • Zone designation in the flood insurance rate map (e.g. special flood hazard areas (SFHA) or preferred flood zones)
  • Distance to a body of water such as a river, lake, or even the coastline
  • Prior flood insurance claims or flood claims made with the property
  • Policy assumption and grandfather rule

The new things that will come with the Risk Rating 2.0 are as follows:

  • Types of floods that your property experience. This can be either pluvial or the accumulated water due to heavy rainfall, runoff of collected water that flows from higher areas, storm surge and coastal erosion, dam/levee damage or overflow, and even a combination of these things.
  • First-floor height and elevation of the structure. A new feature that determines your flood risk score is the distance between the ground (grade) from your first floor or the first habitable floor of your property.
  • Flood Risk Mitigation Measures made on the property. Is the lowest floor above the base flood elevation? Are there enough flood openings to let floodwaters through?

Now that we've covered the NFIP and the Risk Rating 2.0, let's talk about its impact on Savannah, Chatham County. We'll cover the good, the bad, and the ugly changes coming to the residents of the city.

Georgia Flood Insurance: Savannah Risk Rating 2.0 Update

The Good

When we're talking about these changes, we want to emphasize that this will solely involve flood premiums changes or updates from FEMA and the NFIP. Let's kick this off with the good changes coming to residents of Savannah.

The good changes will involve an immediate decrease in flood premiums with FEMA. This decrease can go up to more than $100 (>$1200 per year) and will impact 17.7% or 4,948 National Flood Insurance policies in force in the city. We divide these changes into two parts.

The first covers the decrease in flood insurance rates or premiums that ranges from $0 to $50 per month (up to $600 per year). About 3,487 or 12.5% of the policies will be impacted by this change.

On the other hand, you have a better deal with the second part of this good change since it generally covers 1,461 or 5.2% of the national flood insurance policies in force. The immediate decrease ranges from $50 to more than $100 per month ($600 - >$1200 per year).

Considering that the national average when it comes to premiums is about $1000 across the United States, this can really help a lot of people get flood insurance through FEMA especially when we're talking about coastal zones where flood risks can be extremely high and get the bulk of the damages from natural disasters.

The Bad

If there are good changes, there are also bad ones. This change from the Risk Rating 2.0 will get increase your flood insurance costs when it comes to FEMA and the National Flood Insurance Program (NFIP).

The increase will range from $0 to $10 per month (up to $120 per year) and will impact about 21,040 or 75.4% of the policies in the city itself. Now, this increase may seem so small, but you have to consider that this takes the biggest percent out of the population in Savannah.

Now that we're facing increased climate risks, it's hard to ignore that the risk of flooding in areas that sit near the coastline is safe from the damage from floods.

The Ugly

Now, let's move deeper and into the ugly changes. For this part, we want to emphasize that we divided this into three parts: the ugly, the uglier, and the ugliest change. Let's dive into specifics.

First, the ugly change will be covering about 1,446 or 5.2% of the policies. The reason why this falls under the ugly change is that the increase is now noticeable since it ranges from $10 to $20 per month ($120 to $240 per year). 

On the other hand, you have the uglier change which is something that about 443 or 1.6% will experience. This time around, the increase won't be bearable since it ranges from $20 to $50 per month ($240 to $600 per year).

Lastly, you can also see few Savannah residents fall on the ugliest side. This mostly involves about 45 or 0.2% of properties in the city. Although it's a very small number of people, you have to realize that the increase ranges from $50 to more than $100 per month ($600 to >$1200 per year in annual premium).

This can really make it difficult to go into federal flood insurance and even a harder experience if the private flood insurance market is not available to protect you from floodwaters. Regardless of where you fall on these three, considering that the average premium across Georgia is about $700, this type of increase can really hurt your budget and we won't even blame you if you want to get private policies.

Georgia Flood Insurance: Savannah Risk Rating 2.0 Update

The National Flood Insurance Program

The National Flood Insurance Program (NFIP) is the answer of the federal government when it comes to flood concerns. This program was established ever since 1968 through the National Flood Insurance Act of 1968. The NFIP is currently working as the federal or government agencies' flood insurance for the United States and its residents. FEMA and NFIP always look into analyzing and studying floodplain devolvement, flood model management, flood insurance, and disaster assistance. So, what does the NFIP cover?

First, it's important to keep in mind that flood insurance is a separate policy from your usual homeowner's insurance and auto insurance policies. This means that if your house gets inundated during a flood event, it won't be the homeowner's policy that will give you flood coverage.

Now that we got that out of the way, the National Flood Insurance Program (NFIP) provides coverages for the flood damage that your property will sustain. The property will involve both the dwelling or the building itself — either residential property or commercial — as well as the contents or the personal property that's inside the insured home. NFIP flood insurance will provide coverage for the dwelling that maxes to $250,000 and contents that maxes to $100,000.

There's also additional coverage that comes in when you're a participating community in the National Flood Insurance Program (NFIP) which can be enjoyed through the Community Rating System (CRS) and the Increased Cost of Compliance (ICC).

When Will It Happen?

The Risk Rating 2.0 from the National Flood Insurance Program (NFIP) will take effect starting this October 1st, 2021. It's important to note however that you really don't need to immediately adopt these new rates once Fall comes. The NFIP will allow you to adopt these new rates on your renewal, so if you just renewed your policy with FEMA last April then you can move into the new rates in April 2022.

At the end of the day, we're still subject to extreme weather events, and our friends in coastal areas are more prone to the dangers of these disasters. It's best to know where to get a policy best because we've seen that even without floods, a lot of people still drown due to these expensive insurance premiums.

If you have questions on your flood insurance options in Georgia, your flood risk score, or anything about flood, reach out to us by clicking below. Remember, we have an educational background in flood mitigation which lets us help you understand flood risks, your flood insurance, and mitigating your property long-term.

Get Your Flood Risk Score Here!

Today, we dive deeper into more specific territories and discuss the changes coming with the National Flood Insurance Program (NFIP) Risk Rating 2.0 to Brunswick in Glynn County, Georgia.

Georgia Flood Insurance: Brunswick NFIP Risk Rating 2.0 Update

Risk Rating 2.0: What Changes?

This is what the Federal Emergency Management Agency (FEMA) calls equity in action when it comes to making the cost of flood insurance policies fairer per policyholder. This simply means that when it comes to flood insurance rates, a lot of things will start to change with the NFIP and FEMA.

Generally, this is because property values for each individual property will be accounted for when finalizing your quote and flood insurance premiums with the National Flood Insurance Program (NFIP). In turn, the NFIP and FEMA make sure that you will get accurate flood insurance rates for your policy.

It's important to note, however, that this won't mean that the cheapest flood insurance will go automatically to lower-valued homes. It's equally important that we take into account, just like FEMA does and the private flood insurance industry, what's called flood risk variables which includes, but is not limited to the following:

  • Designation in the flood zone maps.
  • Type of floods in the area. Is it from the coast? Is it pluvial or collected water from a storm?
  • Flood claims made with the property
  • Flood hazard determination, floodplain devolvement, and impact of flooding
  • First-floor height and elevation of the structure.
  • Mitigation efforts on the property. Is the lowest floor above the base flood elevation? Are there enough flood openings to let floodwaters through?

Now that we've covered the NFIP and the Risk Rating 2.0, let's talk about its impact on Brunswick, Glynn County. We'll cover the good, the bad, and the ugly changes coming to the residents of the city.

Georgia Flood Insurance: Brunswick NFIP Risk Rating 2.0 Update

The Good

When we're talking about these changes, we want to emphasize that this will solely involve flood premiums changes or updates from FEMA and the NFIP. Let's kick this off with the good changes coming to residents of Brunswick.

The good changes will involve an immediate decrease in flood premiums with FEMA. This decrease can go up to more than $100 (>$1200 per year) and will impact 27.2% or 3,731 National Flood Insurance policies in force in the city. We divide these changes into two parts.

The first covers the decrease in flood insurance rates or premiums that ranges from $0 to $50 per month (up to $600 per year). About 2,720 or 19.8% of the policies will be impacted by this change.

On the other hand, you have a better deal with the second part of this good change since it generally covers 1,011 or 7.4% of the national flood insurance policies in force. The immediate decrease ranges from $50 to more than $100 per month ($600 - >$1200 per year).

Considering that the national average when it comes to premiums is about $1000 across the United States, this can really help a lot of people get flood insurance through FEMA especially when we're talking about coastal zones where flood risks can be extremely high and get the bulk of the damages from natural disasters.

The Bad

If there are good changes, there are also bad ones. This change from the Risk Rating 2.0 will get increase your flood insurance costs when it comes to FEMA and the National Flood Insurance Program (NFIP).

The increase will range from $0 to $10 per month (up to $120 per year) and will impact about 8,973 or 65.4% of the policies in the city itself. Now, this increase may seem so small, but you have to consider that this takes the biggest percent out of the population in Brunswick.

Now that we're facing increased climate risks, it's hard to ignore that the risk of flooding in areas that sit near the coastline is safe from the damage from floods.

The Ugly

Now, let's move deeper and into the ugly changes. For this part, we want to emphasize that we divided this into three parts: the ugly, the uglier, and the ugliest change. Let's dive into specifics.

First, the ugly change will be covering about 707 or 5.2% of the policies. The reason why this falls under the ugly change is that the increase is now noticeable since it ranges from $10 to $20 per month ($120 to $240 per year). 

On the other hand, you have the uglier change which is something that about 282 or 2.1% will experience. This time around, the increase won't be bearable since it ranges from $20 to $50 per month ($240 to $600 per year).

Lastly, you can also see few Brunswick residents fall on the ugliest side. This mostly involves about 19 or 0.1% of properties in the city. Although it's a very small number of people, you have to realize that the increase ranges from $50 to more than $100 per month ($600 to >$1200 per year in annual premium).

This can really make it difficult to go into federal flood insurance and even a harder experience if the private flood insurance market is not available to protect you from floodwaters. Regardless of where you fall on these three, considering that the average premium across Georgia is about $700, this type of increase can really hurt your budget and we won't even blame you if you want to get private policies.

The National Flood Insurance Program

The National Flood Insurance Program (NFIP) is the answer of the federal government when it comes to flood concerns. This program was established ever since 1968 through the National Flood Insurance Act of 1968. The NFIP is currently working as the federal or government agencies' flood insurance for the United States and its residents. FEMA and NFIP always look into analyzing and studying floodplain devolvement, flood model management, flood insurance, and disaster assistance. So, what does the NFIP cover?

Georgia Flood Insurance: Brunswick NFIP Risk Rating 2.0 Update

First, it's important to keep in mind that flood insurance is a separate policy from your usual homeowner's insurance and auto insurance policies. This means that if your house gets inundated during a flood event, it won't be the homeowner's policy that will give you flood coverage.

Now that we got that out of the way, the National Flood Insurance Program (NFIP) provides coverages for the flood damage that your property will sustain. The property will involve both the dwelling or the building itself — either residential property or commercial — as well as the contents or the personal property that's inside the insured home. NFIP flood insurance will provide coverage for the dwelling that maxes to $250,000 and contents that maxes to $100,000. There's also additional coverage that comes in when you're a participating community in the National Flood Insurance Program (NFIP) which can be enjoyed through the Community Rating System (CRS) and the Increased Cost of Compliance (ICC).

When Will It Happen?

The Risk Rating 2.0 from the National Flood Insurance Program (NFIP) will take effect starting this October 1st, 2021. It's important to note however that you really don't need to immediately adopt these new rates once Fall comes. The NFIP will allow you to adopt these new rates on your renewal, so if you just renewed your policy with FEMA last April then you can move into the new rates in April 2022.

At the end of the day, we're still subject to extreme weather events, and our friends in coastal areas are more prone to the dangers of these disasters. It's best to know where to get a policy best because we've seen that even without floods, a lot of people still drown due to these expensive insurance premiums.

If you have questions on your flood insurance options in Georgia, your flood risk score, or anything about flood, reach out to us by clicking below. Remember, we have an educational background in flood mitigation which lets us help you understand flood risks, your flood insurance, and mitigating your property long-term.

Get Your Flood Risk Score Here!

 

Building a house can be an exciting time and stressful one. There are many things to do like finding the right lot, finding the right builder, and staying on budget.

 

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It's not a shocker than when building a house one thing most people don't think about is flood insurance.

We are going to discuss some things you can do to make sure you don't get blind sided.

We are going to discuss

  1. Verifying the flood zone
  2. Picking the right foundation
  3. Flood insurance options

So you have decided to finally build that dream home in lake country on Lake Oconee in Madison or Eatonton Georgia. You have found the perfect lot and now you just need to put it under contract. This is normally the area where so many Lake Oconee property owners get themselves in trouble.

When looking at purchasing the Lake Oconee lots you want to verify what type of flood zone the property is in? It's not unusual for the property to be in a couple different flood zones because of the way FEMA does their flood maps.

We are going to look at 3 types of flood zones and what they mean for your lake property.

  1. Flood Zone X
  2. Flood Zone A
  3. Flood Zone AE

Flood zone X is the best case scenario for your Lake Oconee property. This zone is considered a minimal risk zone. While flood insurance is not required in this zone it it is recommended as almost 30% of flooding occurs in these areas. I mean look at Nathan Estates in Muscle Shoals Alabama the entire neighborhood flooded in 2019 even though it was a minimal risk zone. 80% of flood of victims during hurricane Harvey did not have flood insurance because they were told they were in a low risk flood zone. The video below gives you a better understanding of flood zone X.

Now let's look at flood zone A this zone can be a little confusing. While this is whats considered to be a special flood hazard area where flood insurance is required some of the risk is undetermined. Much of flood zone A in the Madison Georgia does not have a base flood elevation.

This is the elevation FEMA believes flooding will come to so there is not one you can imagine it can be a little bit of a hidden risk. The video below gives a better understanding of flood zone A.

Now lets look at the last flood zone and the one that would more than likely impact your Lake Oconee property. That is flood zone AE this is considered to be the highest risk zone outside of coastal zones. Unlike flood zone A flood zone AE does have a base flood elevation determined. The video below gives a good understanding of flood zone AE.

Now that we understand the different flood zones in Madison and Eatonton Georgia and what is required let's look at foundation types.

Foundation types on a Lake Oconee property can have a big impact on flood insurance. The more negative your foundation is compared to the base flood elevation the higher your flood insurance premiums can be. This is one reason it is recommended to build homes in this area with above grade crawlspaces.

By putting in flood vents many times you can help minimize the damage to your home through mitigation and lower your flood insurance premiums at the same time.

Installing these flood vents in the Madison or Eatonton Georgia area has some requirements. In order to get the right credit they have to have at least 2 vents on opposite walls of the building and be 1 square inch for every total square foot.

So if you have a 2000 square foot house you need 200 square inches in flood vents.

There are two types of flood vents available. You have engineered and Non engineered flood vents. While engineered will last you much longer keeping your maintenance low FEMA doesn not recognize these separately.

So we have talked about the flood zones and foundation types on the lake homes along lake Oconee in Madison and Eatonton Georgia. What about flood insurance options?

There are two flood insurance options available in the Madison and Eatonton Georgia area. You have the National Flood Insurance Program and you have private flood insurance.

The National Program is the most common program that most people know about. This program is administered by the federal government. They offer coverages up to $250,000 on the building and a $100,000 on contents for residential properties. This program is generally the more expensive option in the special flood hazard areas.

Private flood insurance on the other hand offers some pricing and coverage advantages. Let's say that home you are building is a million dollar home then with a private flood insurance policy you maybe able to get up to a million dollars on the building. On contents you can get more than the $100,000 as well but normally not until the property is walled and roofed.

As you can see there can be a lot of surprises when building a home in a flood zone in the Lake Oconee area. You have to think about where on the lot you want your home, what flood zone it will be placed in, and what the foundation type you want it to be? These things could all have a big impact on the resale value of the home.

So if you are building a home in the Lake Oconee area or any other area and have questions about flood insurance then make sure to visit our website. You can also check out our daily flood education videos on our YouTube channel or Facebook page.

Remember we have an educational background in flood mitigation so we are here to help you understand your flood risk, your flood insurance, and helping you mitigate your property to keep your flood premiums low.