Should your insurance plan change if the flood plain changes?
This question is much more easily answered if you weren’t in a high risk zone and suddenly are – you’re then required to purchase flood insurance for your home. But what if it goes the other way around and suddenly you’re not at so much risk as before?
It can be tempting to drop your family’s flood insurance coverage if you’re not longer required to carry it. Short-term, you’d save a fair amount of money. But are you still at risk?
Your family should consider what’s at stake if you do decide to drop coverage and whether you’d be able to absorb the risk. Speaking with an agent can help clear up issues!
“I’ve had to buy flood insurance for eight years,” Lukens said. … from FEMA that its work would result in changes to the flood insurance risk maps, …