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NFIP Flood Insurance Map Changes # 2

Residents of South Carolina’s Edisto Beach community have long awaited the date of December 21, 2017 in anticipation of flood insurance premium reductions and potential refunds on their flood policies. Many home owners will see their property move from the high risk VE flood zone to the moderate risk AE flood zone.

FEMA has not yet posted the new mapping information as yet and the updated information will not be available to insurance companies and agents until Dec. 21. This means policies renewing after Dec 21, 2017 were renewed under the current mapping information. However, insurance companies and C. T. Lowndes & Company are prepared to make the changes to affected policies starting on the 21st.

The NFIP Manual states “the refund for the premium difference … is prorated, using the date of the map revision as the endorsement effective date”. So, if you are waiting for a refund, be patient, it will happen!!

Posted Monday, December 18 2017 9:32 AM
Tags : Flood Map changes in Charleston, Refund on Flood, Flood changes Edisto Beach SC

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