New FEMA Flood Zones
· In 2003 Congress mandated that FEMA update their Flood Maps.
· When the new flood zone maps become effective, most of Collier County will be considered to be in a high risk flood zone.
· The projected date for the new flood zones to take effect in Collier County is May 16, 2012.
New Collier County Flood Maps
· The new flood maps will be used by lenders to determine who will be required to buy flood insurance.
· FEMA will use the new flood maps to determine how much flood insurance policies are going to cost.
· If your new flood zone is A, AE, AH, or VE your property will be in a high risk flood zone and your lender may require you to buy flood insurance. Even if is not required, you should purchase flood insurance.
A New Low-Cost Flood Insurance Option If You Are In The New Flood Zone
· To reduce the financial burden placed on property owners whose buildings are being newly mapped into a high risk flood area FEMA is introducing a Preferred Risk Flood Policy with extended eligibility.
· A Preferred Risk Extended Eligibility Flood Policy offers low-cost flood insurance to owners and tenants of buildings located in areas that are affected by the change in FEMA's flood insurance map.
· The extended eligibility Preferred Risk Flood Insurance Policy will give you a discount on your flood insurance rates for two policy years from the map revision date.
· After the initial two years you will be eligible for a low cost standard-rated policy with options like grandfathering, elevation rating, and higher deductibles which could result in additional savings.
· Here are the Preferred Risk Flood Policy rates for a home with a $1,000 deductible:
How To Save Money With The Grandfather Rule
· If your property changes from low-risk to high-risk, you will likely be required to protect your building and its contents with flood insurance if you have a mortgage. Flood insurance rates for high-risk areas are higher, but there are ways to save money.
· You can take advantage of grandfathering by buying a policy before the new maps take effect.
· After the new maps become effective, you can now renew the PRP for two years.
· On the third renewal, you will qualify for the standard rates associated with moderate-to-low risk zones, rather than high-risk zones.
Telephone: (239) 596-6226 
Fax: (239) 596-1620
