In this podcast, we discuss floodways and whether they are creating a one-way street when it comes to obtaining flood insurance. Floodways play a critical role in flood risk management, and changes to them can significantly affect insurance options and costs.
There are two primary types of flood insurance policies that can be impacted by floodways:
National Flood Insurance Program
Managed by FEMA, NFIP policies rely heavily on flood maps and floodway designations to determine eligibility and rates.
Private flood insurance companies use different underwriting guidelines and may evaluate floodways differently than the NFIP, sometimes offering more flexible options.
Floodways can affect flood insurance pricing and availability, but not always in the same way for NFIP and private policies. Each insurer evaluates flood risk differently, especially when it comes to underwriting and rate determination.
When a flood map changes, it can also change the designated floodway. These changes may result in higher premiums, limited coverage options, or the need to explore private flood insurance alternatives. Understanding how these changes affect your property is essential.
At The Flood Insurance Guru, we help property owners understand how floodways, FEMA flood maps, and underwriting guidelines impact flood insurance decisions. Staying informed allows you to make better choices when floodway changes occur.
If you have questions about floodways or flood insurance, be sure to visit The Flood Insurance Guru on YouTube or Facebook for more educational content.