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Thousands of property owners in one Florida County will be in newly created flood hazard zones later this year, and that means they’ll be required to buy flood insurance for the first time.
The Palm Beach Post reports the Federal Emergency Management Agency has finalized Palm Beach County’s new flood hazard zone maps.
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Many won’t like what they find.
Up to 50,839 properties will be newly designated in high-risk flood zones when the maps become official in two months, according to figures compiled by the county. Many homeowners in those zones who have federally backed mortgages will be required to buy flood insurance.
Many properties weren’t developed when the county’s current flood map was created in 1989, so they didn’t have flood-risk classification and owners didn’t have to buy insurance.
Please enjoy the full article below;
http://www.insurancejournal.com/news/southeast/2017/08/08/460444.htm
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