It鈥檚 happened in Maryland’s Ellicott City. It鈥檚 happened around Alexandria, as well as other parts of Virginia 鈥� sometimes because of tropical weather, and sometimes after a fierce summer thunderstorm.
Severe flooding is happening more often, and not just in places adjacent to water. It鈥檚 one reason why the federal government is changing for your property.
鈥淗urricane risk is certainly one, even in the D.C. region,鈥� said David Maurstad, senior executive of the Federal Emergency Management Agency’s flood insurance program. He mentioned Hurricane Isabel as a recent example.
鈥淲e need to really address the urban flooding issue that鈥檚 developed over the last few years where you have increased development, more concrete and fewer places for the water to drain,” Maurstad said. “If you get a heavy rain during a severe weather event, it can certainly overwhelm drainage systems and cause flash floods.”
Now, what constitutes a 鈥渉igh risk property鈥� has changed.
鈥淭he premium is based on the individual characteristics of your property, not on some flood zone where your property may be located,鈥� he said. 鈥淲e鈥檙e moving away from the line on the map that says if you鈥檙e on this side you need it, you鈥檙e required to have it, the other side of the line you don鈥檛.”
Instead, high risk properties start with your proximity to a water source and the value of your property. But it also takes more into consideration.
鈥淚f you have a higher replacement cost, your premium is going to be higher to protect that property,鈥� Maurstad added.
Other factors include 鈥渉ow the property is built, whether it鈥檚 a frame house or a masonry house, and of course elevation 鈥� how far the first floor is above the base flood elevation.鈥�
He cautioned that 1 inch of water is enough to cause $25,000 in damage, and most home insurance policies don鈥檛 cover flooding. Also, he warned those policies can lapse and homeowners need to be proactive about renewing.
鈥淒on鈥檛 wait because there鈥檚 a 30-day waiting period after you buy the policy before the coverage goes into effect,鈥� Maurstad warned. 鈥淭ake action now.鈥�
