What advice is available regarding obtaining a policy before the effective date and a 1-year timeline?

With the Newly Mapped Procedure, the rate starts out at the Preferred Risk Policy (PRP) rate and then will increase each year no more than 18% (currently it has been at around 15% each year). It will stop increasing when it reaches one of two values:

  1. The standard Zone X rate or if the rate using the new zone (i.e, A or V) and an Elevation Certificate becomes cheaper (which the insurance agent will need to determine).
    1. A policy rated this way can be transferred to a new owner should the building be sold, so that they can continue with the benefits of this rating.
  2. If a policy is grandfathered (e.g, had too many losses to qualify for the Newly Mapped - went from Zone A to Zone V - or, increase in Base Flood Elevation (BFE)), it is recommended that a policy is in place before the maps change (that is a must if it is pre-FIRM) and then flood insurance must be maintained. This rating procedure will lock in the lower risk zone or BFE for future rating (it does not lock in the rate). A grandfather-rated policy can also be transferred to a new owner. The policy will be continued to be rated using that lower risk zone/BFE as long as the building is not substantially damaged/improved.

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1. My condo building is located within a flood zone. Yet my unit is on the seventh floor, well above the flood level. Clearly, my unit will never flood, so why do I need to carry flood insurance?
2. How to I find a Flood Insurance agent or how do I buy a flood insurance policy?
3. Is there a grace period when moving from X-zone to A (or some other zone)?
4. What advice is available regarding obtaining a policy before the effective date and a 1-year timeline?
5. How and when will a flood risk increase impact my bills?
6. If I'm in a high-risk flood zone and my Base Flood Elevation goes up in the new maps, what's the impact on my premium? How fast are new premiums reflected on the policy?
7. Where can we find general LiMWA (the new type of flood zones known as Coastal A Zones) information?