The Federal Emergency Management Agency (FEMA) plans to make revisions to California flood maps following public outcry at the discovery that property owners have been forced to buy unnecessary flood insurance. Existing maps, experts say, categorize homes as "flood risks" in parts of the state where there is actually very little risk of flooding. Following a series of protests, FEMA is set to strike a deal this week that will re-categorize homes.
The controversial maps were devised in 2010, meaning that homeowners in affected areas have spent about five years paying for flood insurance.
"Derek Bray, for example, said he was unable to sell a property he owns in Tamarack because the buyer learned that he would be forced to pay for unneeded flood insurance in order to obtain a mortgage," explains Dana Nichols of the Calaveras Enterprise. "Bray is mentioned by name in the memorandum of agreement between FEMA and county officials. The memorandum specifies that FEMA is evaluating ways to fix mapping problems for Bray's property."
FEMA anticipates that the maps will take 12 to 16 months to revise. Before those changes are made on a broad scale, homeowners can make individual appeals for their properties to exclude them from the faulty flood maps.
Whether a homeowner or commercial real estate owner's property is at risk for flooding or not, it's critical for insurance policies to reflect the most current, accurate valuation of a home to date. With the assistance of our home valuation calculator, agents can provide consistent and high-quality replacement value assessments to clients. Contact us today to learn more about how our valuation services can improve the quality of your service.