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Flood-plain changes could hit homeowners in wallet

Flood-plain changes could hit homeowners in wallet

Flood-plain changes could hit homeowners in wallet
News from Arizona Daily Star:

A deadline looms for Tucson-area homeowners whose properties are in the newly redrawn flood plain.

The Federal Emergency Management Agency regularly updates its maps that show the high-water mark and determine who’s required to buy flood insurance.

In Pima County new maps will become effective June 16.

Homeowners with structures on their property that sit within the new flood plain will have to get flood insurance if they have a federally back mortgage, even though they weren’t required to have it before. Others who are no longer in the flood plain can drop their coverage if they want to.

Even people who own their homes outright should consider a separate policy if they’re moving into the flood plain, experts say, because homeowners insurance doesn’t cover flood damage.

Whether you’re required to buy flood insurance or just think you should, if you act before the new maps take effect you can save some serious cash. After the new maps take effect, p…………… continues on Arizona Daily Star
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