January 2021 Preferred Client Newsletter

The January 2021 Preferred Client Newsletter will review pending changes to flood insurance available in designated federal flood zones (“Flood Zones”).   The Federal Emergency Management Agency (“FEMA”) is responsible for operation of the National Flood Insurance Program (“NFIP”) which provides flood insurance for Special Flood Hazzard Area (SFHA”) communities meeting FEMA requirements.  Florida represents 35% of all such policies.

NFIP premiums are primarily calculated based upon the Flood Zone rating, the lowest living or mechanical level that is projected to flood once every 100 years, the 1% risk (“Base Flood Elevation or BFE”) and coverage levels.   FEMA has created a new Flood Zone AE Coastal, representing land between VE and AE.  The flood risk hierarchy is now VE, AE Coastal, AE and X.  Clearwater Beach, Island Estates and Sand Key are all located within these Flood Zones, except for X which is designated for Low Risk and found on the Mainland.  You may recall the effective date for the new NFIP Flood Insurance Program modifications is to be October 1, 2021.

You may visit https://floodmaps.pinellascounty.org/pages/preliminary-flood-zones and there will be Background, Update and Additional Information through numerous links which are as follows:

Detailed information on the Preliminary FIRM:  https://www.pinellascounty.org/flooding/fema_firm.htm

Understanding Preliminary Flood Hazard Maps: https://www.fema.gov/media-library-data/1509486278267-240b088baefc58192c9650e47c13ec1d/Understanding_Preliminary_Flood_Hazard_Map.pdf

View Your Community’s Preliminary Flood Hazard Data:  https://www.fema.gov/view-your-communitys-preliminary-flood-hazard-data

Understanding the LiMWA:  https://www.youtube.com/watch?v=3jFTMDtACYA

Preliminary FEMA Map Products:  https://hazards.fema.gov/femaportal/prelimdownload

• New Coastal Flood Risk Information - https://www.pinellascounty.org/flooding/pdf/coastal-flood-risk.pdf
• LIMWA and Higher Construction Standards - https://www.pinellascounty.org/flooding/pdf/limwa-fact-sheet.pdf
• Coastal Mapping Infographic - https://www.pinellascounty.org/flooding/pdf/coastal-mapping-process.pdf

                   Source: Pinellas County

The preliminary NFIP information beneficially revises the Flood Zones and BFE for our area.  These changes should reduce NFIP premiums which would materially impact our Single Family Homes and to a much lesser extend Condominiums and Townhomes.