Do I need to tell my insurance company or my agent that my flood zone and/or BFE has changed because of the recent map revision?
No. The insurance companies have access to the map revision info and automatically make the change to your policy. You are always welcome to contact your agent but there really is no need to do so. However, your agent can discuss with you how the change will affect your policy, if it will have any effect at all.
When will my flood insurance policy be endorsed to reflect the map change?
Considering that many thousands of policies are affected by these map revisions, it does take the insurance companies time to catch all changes. Be patient. The companies usually are able to make the change prior to the expiration date of your policy.
If the company waits a long time before changing my policy, won’t I lose out my refund?
No. The Flood Insurance Manual (FIM) states
“The insurer may endorse a policy to revise the flood zone or Base Flood Elevation (BFE) when FEMA issues a revised FIRM, ..” The FIM further states “Use the map revision … date as the endorsement effective date.” Regardless of when the change to your policy is actually processed, it will be effective as of the map revision date. You will receive every penny due you.